Former Surrey resident pleads guilty to theft and using forged documents

VANCOUVER, BC, Nov. 25, 2022 /CNW/ - A former Surrey resident who misused investor funds has pleaded guilty to theft and using forged documents.

Johny Panyavong was sentenced in B.C. Provincial Court in Surrey to 18 months of probation after receiving credit for 15 days of time served in jail. He also must pay $30,000 in restitution to the victim.

Panyavong was arrested in Ontario in 2019 on Criminal Code charges resulting from an investigation by the B.C. Securities Commission's Criminal Investigations Branch. The charges related to allegations that Panyavong misused $40,000 he solicited from a B.C. investor in 2016 for investment in a Surrey real estate development.

Panyavong used the bulk of the investor's funds to pay personal expenses, and the development never materialized. When asked about the status of the investment, he showed the investor forged financial documents. Despite pressing for the return of the $40,000 and the profits that had allegedly accrued, Panyavong ultimately paid the investor only $10,000.

Panyavong pleaded guilty Nov. 18 to one count of theft over $5,000 and one count of using forged documents. A third charge of fraud over $5,000 was stayed.

About the B.C. Securities Commission (www.bcsc.bc.ca)

The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission

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