The B.C. Securities Commission says Robert George Henry Tyrer was the sole owner of For the People FX Inc., which operated in B.C. at the time of the allegations.
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A B.C. man has been accused of using investor funds for travel, dining, rent and even a $3,000 tattoo.
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According to the B.C. Securities Commission, Robert George Henry Tyrer was the sole owner of For the People FX Inc., which was operated in B.C.
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Between January 2022 and May 2024, Tyrer allegedly raised $2.6 million from 85 investors through loan agreements and profit-sharing agreements. Tyrer told investors that the company conducted foreign exchange trading, earning income by retaining a portion of trading profits, the commission alleged.
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While the company did do some foreign exchange trading, the commission alleged Tyrer “grossly overstated the company’s actual trading activity and profits.” In some cases, it alleged, Tyrer told investors they would receive a 100 per cent return.
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Of the $2.6 million he raised, it’s believed $1.9 million was used to repay existing investors as well as on travel, restaurants and shopping. The commission alleges Tyrer purchased a US$65,245 Rolex, spent another $31,750 on rent, nearly $10,000 on personal training and yoga, and a $3,000 tattoo.
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Tyrer is also alleged to have illegally distributed securities to 48 investors without filing a prospectus, which is a formal document detailing an investment. Tyrer also did not hold a prospectus exemption for any of those investors.
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The commission said investors were told funds couldn’t be paid out because accounts had been frozen by a bank or by the commission. However, the commission said neither claim was true.
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At least one investor was issued a statement “that did not reflect the actual funds in the investor’s account.”
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Tyrer and his company had previously been issued a caution letter in 2022 and a temporary order by the commission in 2023.
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At the time, the commission said it had evidence that Tyrer — with associates Athanasios Zacharopoulos and Bruce Dudman — were violating registration and prospectus requirements set by the Securities Act.
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Tyrer and his company must now appear before the commission to answer to the allegations on Aug. 18.
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The commission regulates investment market activities by setting guidelines, monitoring for compliance and conducting investigations into fraud when necessary.
