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by Mike Caswell
The B.C. Securities Commission must be gentler with its handling of some securities violators, the Court of Appeal for British Columbia has determined. In particular, the regulator should be extra careful when it hands out a permanent ban, the court has ruled. Such bans can interfere with a person's ability to earn a living, and should only be considered after an examination of lesser options.
The directive from the Court of Appeal is contained in a decision released on Friday, April 20. It stems from the case of Larry Keith Davis, an investor relations man who received a permanent ban from the BCSC in 2016. BCSC enforcement staff said that Mr. Davis offered to sell shares in an OTC Bulletin Board company to his neighbour. He then used her money for personal expenses, and never delivered the shares.
The matter went to a hearing before a BCSC panel, at which Mr. Davis argued that he was a victim of circumstances. The company that he worked for (Formcap Corp.) had promised him the shares after it completed a rollback. He said that he sold the shares to his neighbour on the basis that she would get the stock as soon as he did. Unfortunately for everybody, he never received the shares, he said.
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