A British Columbia Securities Commission (BCSC) panel has permanently banned Larry Keith Davis from B.C.’s capital markets for fraud. In June 2016, the panel found that Davis, a Victoria, B.C. resident, committed fraud when he purported to sell an investor shares in a company that he did not own and instead used the investor’s money on personal expenses. He has also been ordered to pay an administrative penalty of $15,000.
Purchase shares from U.S.-based company
Davis led the investor to believe that he owned shares in a U.S.-based company and that she could purchase the shares through him. The investor paid Davis money for shares, which he instead deposited into his personal bank account and used on personal expenses. The panel found that Davis did not own any shares in the company at the time of either investment or at any subsequent time.
Read more at NewsWire.
This article is summarized by Canadian Fraud News Inc.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.