The Nova Scotia Securities Commission has ruled that a man defrauded five people of hundreds of thousands of dollars in a fake loan scheme.

       In a written decision released earlier this week, a three-member panel found Wesley William Robinson committed fraud of $25,000 up to $550,000.

       Robinson did not appear at a commission hearing in May of this year, but he was interviewed by commission investigators, as were the five complainants, who are only identified in the decision by their initials.

       The panel says the evidence indicates Robinson obtained cash from the complainants, who thought their money was going to be used to secure large loans.

       It says Robinson didn’t follow through on securing the loans and in “many cases” used the money for personal transactions.

       The panel is to decide on a penalty this fall.

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