BCSC Extends Trading Prohibition in Fraud Probe of Financial Advisor Peter Cishecki

Investigation into Alleged Ponzi Scheme Continues

The B.C. Securities Commission (BCSC) is continuing its fraud investigation into Langley-based financial advisor Peter Cishecki and his companies, Everything Financial Consultants Inc. and Everything Financial Group.

A BCSC tribunal panel recently granted an extension of temporary orders that prohibit Cishecki and his firms from trading securities and conducting promotional activities, including the weekly segments they previously held on CTV Vancouver. The broadcaster ended its partnership with the firm following the initial issuance of these orders on July 15.

Details of the BCSC Allegations

The commission’s investigation involves approximately $9.6 million across 32 investments. The BCSC alleges that Cishecki and his companies violated anti-fraud provisions by operating what appears to be a Ponzi scheme, in which new investor funds were used to make principal and interest payments to existing investors.

Evidence provided to the panel includes banking records suggesting insufficient assets to cover investor obligations, as well as testimony from former associate Shannon Knapp, who stated that there are no underlying investments and that investor deposits have been commingled with company funds.

Current Status of the Probe

While the panel found that the BCSC established a prima facie case of fraud and identified a risk to the public, none of the allegations have been proven before a hearing panel. Cishecki has not responded to requests for comment.