Block letters spelling fraud, with magnifying glass

A British Columbia man who was banned for life by regulators for various securities law violations is now facing fresh charges.

The B.C. Securities Commission (BCSC) reports that Richard Robert Good of Salmon Arm, B.C., who was permanently banned back in 2007, has now has been charged with fraud over $5,000 and with allegedly breaching the BCSC’s order against him.

The allegations have not been proven. Good is next set to appear in court on April 9.

In 2007, the BCSC banned Good for several securities law violations, including unregistered trading, unregistered distribution, fraud and making misrepresentations.

In a settlement with the commission, he admitted to violations stemming from an unregistered investment scheme that saw him raise $2.4 million from investors with the promise of high returns from commodity trading and resource sector investing.

However, the commission found that only about $600,000 was actually invested, with the rest used for “personal expenses” and to make payments to other investors. Of the money that was used for trading, about $180,000 was lost.

The regulator says that the new charges follow an investigation by its Criminal Investigations Branch.