The British Columbia Securities Commission reported that the British Columbia Court of Appeal has upheld a Supreme Court order requiring Earle Douglas Pasquill to forfeit annual payments from two registered Life Income Fund (LIF) accounts to the Commission as part of its efforts to collect outstanding financial sanctions. The Court of Appeal found that the Pension Benefits Standards Act does not exempt payments from Pasquill’s two LIF accounts from the Commission’s collection actions. Pasquill owes the BCSC CAD 36.7 million, comprising a CAD 15 million administrative penalty and CAD 21.7 million representing ill-gotten gains, and has made no payments toward those sanctions. His LIF accounts totalled more than CAD 550,000 as of 2024, and any amounts collected from the mandatory withdrawals will be made available to victims of the fraud. The Court also dismissed the BCSC’s cross-appeal seeking the appointment of a receiver.
British Columbia Securities Commission 2026-03-19
British Columbia Securities Commission wins Court of Appeal ruling to collect Life Income Fund payments from Earle Douglas Pasquill toward CAD 36.7 million sanctions
The British Columbia Securities Commission (BCSC) announced that the British Columbia Court of Appeal upheld a Supreme Court order mandating Earle Douglas Pasquill to forfeit payments from two Life Income Fund accounts to the BCSC to settle outstanding sanctions. Pasquill owes CAD 36.7 million, including a CAD 15 million penalty and CAD 21.7 million in ill-gotten gains, with no payments made. The Court also dismissed the BCSC's cross-appeal for a receiver appointment.