Vancouver man ordered to pay back $21.7 million

VANCOUVER — The British Columbia Securities Commission says it has won a court decision in Nevada that enforces a $21.7-million order against a man accused of defrauding his Canadian clients.

It said it is the first time a court in the United States has recognized an order from the B.C. commission.

The commission said Michael Lathigee committed fraud more than a decade ago by raising millions from 700 investors without telling them his company was in severe financial trouble. In 2014, it ordered Lathigee to repay the investors, pay a $15-million administrative penalty and permanently banned him from trading in securities in B.C.

The commission said Lathigee moved from Vancouver to Las Vegas, prompting it to go to court in Nevada to enforce the order. It said Lathigee has appealed the decision to the Supreme Court of Nevada and that it is working with its legal counsel to determine its next steps.

“We’ve done everything in our power to collect from Michael Lathigee, because if we collect, we can return money to his victims,” said Doug Muir, the commission’s director of enforcement. “This decision sends a strong message that people can’t just leave the country to avoid the consequences of their wrongdoing.”