B.C. woman jailed for failing to pay fines for ponzi scheme

Renee Michelle Penko flouts court orders, gets 30 days

BCSC continues to pursue scammers involved in Global Wealth Creation Opportunities ponzi scheme.

A B.C. woman who was part of the Global Wealth Creation Opportunities ponzi scheme has been sent to jail for 30 days, according to the BC Securities Commission (BCSC).

Renee Michelle Penko was one of a handful of British Columbians implicated in the Global Commercial Wealth scam.

Surrey resident Thomas Arthur Williams was the mastermind in that scheme, which bilked 123 investors out of $11.7 million. The investors were promised returns of 2% to 6% per month for their investments.

Investors were brought to Williams by “finders,” including Penko. In a 2016 decision, the BCSC ordered Penko to pay an administrative penalty of $40,000 and a $155,000 disgorgement.

Penko never paid her fines, according to the BCSC, so a writ of seizure was issued against her. No assets were found, however, so the BCSC issued a “subpoena to debtor,” which requires a debtor to provide financial information.

After Penko failed to show up for the subpoena hearing, so the BSCS obtained an apprehension order. She was ordered to attend court on December 4, but failed to show up for that hearing as well. She was found in contempt of court and sentenced to 30 days in jail.

As for Williams, he was ordered to pay $21.8 million in fines and disgorgement fees. The BCSC is still making efforts to collect those penalties.

nbennett@biv.com

@nbennett_biv