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News Release

White Rock Man must pay $15,000 after violating B.C. Securities Act

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Vancouver – A White Rock man must pay $15,000 after pleading guilty to breaching an order of the British Columbia Securities Commission (BCSC) by trading in securities.

Richard Gozdek was sentenced in B.C. provincial court in Abbotsford on December 23. As part of the sentencing, he has paid $10,000 in restitution to the victim.  Gozdek was also sentenced to one year of probation and fined $5,000.

In 2013, the BCSC issued the order banning Gozdek from buying or selling securities for five years after he admitted that he illegally sold shares in Armadillo, a Nevada corporation that claimed to own an oil lease in Oklahoma.

Following an investigation by the BCSC’s Criminal Investigations Branch, Gozdek was charged in 2018 with three counts of breaching the BCSC order by:

  • trading in securities 
  • acting in a consultative capacity in the securities market  
  • and engaging in investor-relations activities.  

Gozdek pleaded guilty to the first count, while the second and third counts were stayed.

About the British Columbia Securities Commission (  

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

Media Contact:
Elise Palmer

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)

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