Salmon Arm man sentenced to probation, including house arrest, for violating BCSC order

VANCOUVER, May 11, 2020 /CNW/ - A Salmon Arm man has been sentenced to two years of probation, which includes a term of house arrest, after being convicted of breaching an order of the British Columbia Securities Commission (BCSC).

Richard Good was sentenced May 5 in B.C. Provincial Court in Salmon Arm for engaging in investor relations activities despite being permanently banned by the BCSC in 2007 from doing so. The 2007 BCSC order, which also included permanent prohibitions on trading in securities, stemmed from a $2.4 million investment scheme that Good orchestrated.

In that scheme, Good entered into various investment contracts with promises of generating high returns. Good invested only a fraction of the money he raised, using the rest for personal expenses and to return purported interest and capital investments to some investors.

Following an investigation by the BCSC's Criminal Investigations Branch, Good was charged in 2019 for breaching the BCSC order and was convicted in March 2020.

In convicting Good, the provincial court judge found he breached the BCSC order when he enticed a woman living with Good's best friend and brother-in-law to invest her money through him in 2013 and 2014. Good promised to use the woman's money to invest in securities and to provide her with a profitable return. However, most of the funds went to Good's personal expenses, with only a small portion invested.

The judge concluded that "the breach was deliberate and premeditated," adding, "in 2007, Mr. Good was exposed as a swindler and con artist. By that time, lying was a way of life for him and there is no indication that he has changed."

At the sentencing hearing, the judge stated that due to the circumstances of the COVID-19 pandemic a suspended sentence and probation order, with terms similar to house arrest, would be more appropriate than a jail term for this offender. Under the terms of the probation order, Good is allowed to leave his house for only one hour per day.

About the British Columbia Securities Commission (www.bcsc.bc.ca)

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

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission