North Vancouver man fined $300K for gambling away investors' cash

A North Vancouver man has been ordered to pay more than $300,000 after the BC Securities Commission found he swindled investors and spent their money on gambling, personal expenses, and payments to friends.

Between 2020 and 2021, David Lawrence Pazurik placed online classified ads offering shares in an unnamed but "well-established" advertising business. By May 2022, he and his company Pazman Promotions had raised $200,460 from 14 investors, promising the money would fulfill sales contracts and deliver quick returns plus profit shares.

Instead, $146,465 went to "expenses unrelated to the purposes of investment" including an online gambling website. Only $39,280 was paid back to investors.

After the BCSC investigation, Pazurik agreed to give up $107,176 raised through misconduct plus another $200,000 in settlement. This was his first disciplinary action from the commission, but he is now permanently banned from most market activities including acting as a director, registrant, or promoter. He is also permanently barred from purchasing most securities or derivatives.