Monday, January 7, 2019

Renee Michelle Penko jailed for failing to pay fines for ponzi scheme

Renee Michelle Penko was one of a handful of BC residents implicated in the Global Commercial Wealth scam. Thomas Arthur Williams was the mastermind in the scheme, which bilked 123 investors out of $20m. Investors were brought to Williams by 'finders' including Penko. In a 2016 decision, the BCSC ordered Penko to pay an administrative penalty of $40,000 and a $155,000 disgorgement of fraud proceeds. She never paid a cent.

A writ of seizure was issued against her but no assets were found.
The BCSC then issued a “subpoena to debtor,” which requires a debtor to provide financial information. Penko failed to show for the hearing so the BCSC obtained an apprehension order through a subpoena hearing, which she also failed to appear for. She was found in contempt of court and sentenced to 30 days in jail.

As for Williams, he was ordered to pay $21.8 million in fines and disgorgement fees. The BCSC is still making efforts to collect those penalties as well.