B.C. man receives lifetime trading ban for operating investment scheme
Vancouver - The British Columbia Securities Commission has permanently banned a B.C. man from trading securities after he admitted to raising nearly $2.4 million through an investment scheme.
Richard Robert Good cannot buy or sell securities except in limited circumstances, act as a director or officer of any issuer or engage in investor relations activities for the rest of his life.
In a settlement agreement with the BCSC, Good admitted to violating various sections of the Securities Act when he solicited approximately $2.4 million from investors through his company DRG Investments Inc. and personal investment contracts.
Between December 2003 and August 2006, Good entered into various investment contracts. He promised investors he would use the money to invest in commodity futures or public resource companies to generate high returns. He also guaranteed their investment principal and told them he had 30 years of experience in trading securities.
BCSC investigators discovered that no more than $605,000 made its way into capital market investments, of which at least $182,000 was lost. Good used the balance of the money he raised to pay for personal expenses and return purported interest and capital investments to some investors.
In the settlement, the Executive Director has taken into account that Good does not have any reasonable prospect of paying the $250,000 sanction.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, Richard Robert Good or 2007 BCSECCOM 323. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.