OSC seeks man in $25 million scheme

Andrew Keith Lech has been soliciting and collecting funds for investment purposes from Ontario residents "from at least 1988 to present," according to allegations released by the Ontario Securities Commission yesterday. He also uses other individuals to collect investor funds on his behalf. "Lech has collected at least $25 million from at least 150 individuals in this manner," the OSC alleges, as well as a further $20 million (U.S.) from at least 180 investors in the United States.

The Toronto Star
May 9, 2003

OSC seeks man in $25 million scheme
Madhavi Acharya-Tom Yew

Stock market regulators are moving to collar a Peterborough man they say is involved in an investment scheme worth more than $25 million that has spanned two countries and at least 15 years.

Andrew Keith Lech has been soliciting and collecting funds for investment purposes from Ontario residents "from at least 1988 to present," according to allegations released by the Ontario Securities Commission yesterday. He also uses other individuals to collect investor funds on his behalf.

"Lech has collected at least $25 million from at least 150 individuals in this manner," the OSC alleges, as well as a further $20 million (U.S.) from at least 180 investors in the United States.

A disciplinary panel will convene on May 16 to determine whether a temporary cease order issued by the commission on May 1 should be extended.

The commission said it has directed banks to freeze accounts that appear to be associated with Lech's activities. To date, these directives have been issued against accounts held in Lech's name, as well as in the names of Daniel Shuttleworth, Dennis Yacknowiec, Gary McNaughton, and Richard Gordon.

Lech was registered with the commission only from April to June, 1987, as a salesperson with B.M. Young & Partners Securities Inc., according to the OSC allegations.


Risks: Fraud, Selling franchises same as stocks, mutual funds, lending, and securities, Fraudster broker, Ontario Securities Commission, Canada, United States, 20030509 OSC seeks

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