Victoria resident 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 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

VicPD mourns loss of retired police dog, Conan

Conan and human partner helped find missing children, fugitives and more

Harbour authority names dock for Victoria’s record-breaking sailor

Jeanne Socrates is the oldest person to sail around the world unaccompanied

Man who fell 50 feet shares his tale to raise funds for Victoria hospitals

Mitch Lapore helped launch the Victoria Hospital Foundation’s latest campaign

Christmas events set to begin across Greater Victoria

Lights, parades, gingerbread and more are coming to down until the new year

Uncertainty continues to surround body found in Central Saanich

BC Coroners Service say the man in his 20s is from Victoria. His death remains under investigation

VIDEO: ‘Climate emergency’ is Oxford’s 2019 Word of the Year

Other words on the shortlist included ‘extinction,’ ‘climate denial’ and ‘eco-anxiety’

Greater Victoria Crime Stoppers wanted list for the week of Nov. 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you plan on making any purchases on Black Friday?

We’ve all seen the images. Shoppers rioting outside of a store in… Continue reading

Algae bloom killing farmed fish on Vancouver Island’s West Coast

DFO says four Cermaq Canada salmon farms affected, fish not infectious

Three cops investigated in connection to ex-Vancouver detective’s sexual misconduct

Fisher was convicted in 2018 after pleading guilty to kissing two young women who were witnesses in a criminal case

Violence response procedures updated for B.C. schools, police

ERASE program expands to target gangs, bullying of students

A pawsitive ending: Missing puppy found after nine-day search in Chilliwack

Pit bull Frankie ran from dog sitter booked through app

Most Read