A Victoria-area financial adviser who used to have a weekly radio show has lost his appeal for investment fraud, after he ripped of hundreds of B.C. seniors.
The BC Court of Appeal has rejected a bid by David Michael Michaels to have his conviction overturned, after 484 investors lost 65-million dollars.
BC’s top court upheld a decision by the BC Securities Commission that found Michaels acted without being properly registered, made misrepresentations and perpetrated fraud.
The appeals court also upheld an order that forces Michaels to repay the $5.8 million he earned in commissions along with a $17.5 million fine.
Michaels was best known for a weekly show on Victoria station CFAX which he used to promote his services.