B.C. man fined $15,000, barred from trading securities for fraud

Larry Keith Davis used money from an investor to pay personal bills

The provincial agency regulating securities has barred a Victoria man from the industry and fined him $15,000 for fraud.

Larry Keith Davis received these penalties from a panel of the British Columbia Securities Commission (BCSC) after selling shares in a company that he did not own, then using the investor’s money to pay for personal expenses.

RELATED: Former Olympic rower Harold Backer pleads guilty to fraud

The ruling against Davis stems from events that date to back to June 2011, when he sold 40,000 shares of a Texas-based company to the investor for $4,000. In April 2012, he sold another 30,000 shares for $3,000. An investigation though revealed that Davis did not own any shares in the company at the time of either investment or at any subsequent time.

“When the investor began asking for her money back in April 2013, Davis repeatedly refused her requests, claiming that her investments were in shares tied to the stock market,” the commission said in a release.

RELATED: Missing Olympian turns himself in to Victoria Police

While the investor never received any shares from Davis, she eventually succeeded received her money through small claim courts — at a considerable cost though.

“While the amount of the fraud in this case and Davis’ enrichment were not substantial, the harm suffered by the investor was significant,” reads the ruling. “She was deprived of her funds for several years and eventually forced to seek recourse to the courts for their recovery. She was also negatively impacted emotionally and testified at the liability hearing that she had not invested since.”

RELATED: Lawsuit seeks restitution from former Olympic Rower

In June 2016, the commission found Davis liable for fraud in the amount of $7,000 contrary to provincial regulations. An appeal by Davis against his life-time ban and penalty for $15,000 failed, leading to the commission’s final ruling.

Its conditions prohibit Davis from any professional dealing in securities, with the proviso that Davis may trade or purchase securities for his own account.

Davis, according to the ruling, attempted but did not complete the educational requirements for working with securities, because he began working in 1987 in a small firm. When authorities interviewed Davis in December 2013 as part of their investigation, Davis told them that he ceased to be active in the industry about one and a half to two years before.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Climate protesters discuss strategies with City energy manager

A group of Cranbrook citizens gathered outside of City Hall to protest… Continue reading

Long alcohol lineups at Offspring concert raised during council meeting

Two backstage concessions closed due to contractual terms, according to city staff

New seniors care facility opens in Cranbrook

Golden Life Management opened first phase of Kootenay Street Village this week

RCMP asks new cannabis shop to remove image of Sam Steele

Owner happy to comply with RCMP, but wants more information first

Assessed property values in Cranbrook set for estimated increase

Residential single-family property assessment values are expected to rise up to 10… Continue reading

B.C. woman charged in connection to stolen vehicle smash-up in Kamloops

Kersten Ina Peters was arrested in the Fraser Valley on Friday, Dec. 6

UPDATED: No survivors in Gabriola Island plane crash, says RCMP

The Island is located about five kilometres east of Vancouver Island

VIDEO: Harbour Air makes history with first electric aircraft test flight

Successful flight marks first of its kind in the world

The Grinch who Stole a Hedge: Security camera captures Chilliwack tree theft

RCMP arrives as person calmly walks away with tree in downtown area

Salmonella outbreak in Canada linked to rodents and snakes

92 cases of salmonella across six provinces, including B.C.

Meng Wanzhou wins right to more documents involving arrest at Vancouver airport

Defence lawyers allege the Huawei executive was unlawfully detained, searched and interrogated

Truck with body inside found at bottom of lake near Kootenay ferry

Investigators believe no foul play is expected but are unsure how the vehicle ended up in the Arrow Lakes

VIDEO: Calgary man narrowly escapes from avalanche while running at Lake Louise

Bryon Howard caught the entire wild experience on camera

Most Read