The British Columbia Securities Commission has alleged that For the People FX Inc. and its sole owner, Robert George Henry Tyrer, committed fraud by telling investors their money would be used for foreign exchange trading while using most of it for other purposes. The regulator also alleges the company illegally distributed securities to 48 investors without filing a prospectus or qualifying for an exemption. According to the allegations, For the People and Tyrer raised $2.6 million from 85 investors between January 2022 and May 2024 through loan agreements and profit-sharing agreements. While the company conducted some foreign exchange trading, the BCSC alleges that its trading activity and profits were grossly overstated, including claims of guaranteed returns and assertions of returns of up to 100 per cent. Of the $2.6 million raised, $1.9 million was allegedly used to repay existing investors and fund unrelated spending such as travel, restaurant meals, retail purchases, a US$69,245 Rolex watch, $31,750 on rent, $9,345 on personal training and yoga, and a $3,000 tattoo. The BCSC also alleges that investors were given false, inaccurate or misleading information, including explanations that funds could not be paid out because bank accounts or funds had been frozen, and that one investor received an account statement that did not reflect actual funds. Tyrer and For the People, or their counsel, must appear at the BCSC's offices on August 18, 2026 if they want to be heard before a hearing is scheduled.

Original source Back to tracker