Vancouver Film Producer in Investment Scandal


The B.C. Securities Commission has pulled the plug on a Vancouver native film producer after he was soliciting investors on Craigslist.

Yes, it looks like Paul Stiles will be trying his luck on Party Poker for a while to come now. According to BCSC enforcement staff, Stiles posted an advertisement to promote investments in his company Velocity Entertainment Inc in July and August of 2011 on Craigslist.

When an investigator posing as a prospective investor responded to the advertisement, Stiles claimed a $15,000 investment would get a 100 percent return of $30,000, within six months of the investment. All the more confusing because the initial advertisement quoted 12 percent within one year.

Stiles told the investigator that the investment was totally secure, and mailed an agreement that claimed Velocity would produce two feature films, credit the investor as a producer, and repay them with interest within six months.

The plot thickened when another advertisement was found on Craigslist in March 2012, which investigators quickly pursued. This time they were quoted returns of 20 to 30 percent within 60 days, a third of the original time quoted before.

The commission said that not only was Stiles promising an impossible rate of returns, but Velocity Entertainment was officially dissolved in 2005. It just goes to show that even in Vancouver, the movie industry attracts its share of shady characters.

This article was written by Our Partners.