Victoria resident scheduled to face Canada’s largest security regulator for fraud

Victoria resident scheduled to face Canada’s largest security regulator for fraud

Larry Keith Davis finds himself in the crosshairs of the Toronto Stock Exchange regulators

A Victoria resident barred from trading securities in British Columbia will appear before regulators in Ontario later this month.

Larry Keith Davis, who used money from an investor to pay personal bills, finds himself barred from trading securities after the British Columbia Securities Commission (BCSC) had ruled against him earlier this year.

The case against Davis, whom the BCSC also fined $15,000, also drew the attention of the Ontario Securities Commission (OSC) in early 2017. The OSC is Canada’s largest securities regulator in Canada, whose jurisdiction includes the Toronto Stock Exchange.

RELATED: Victoria resident barred from trading securities for fraud

RELATED: Former Olympic rower Harold Backer pleads guilty to fraud

While Ontarian regulators held back their case against Davis to let proceedings unfold in British Columbia, the case is now back before the OSC with a hearing date scheduled for Dec. 12. The OSC is seeking what it calls an “inter-jurisdictional enforcement order” against Davis.

The BCSC 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

RELATED: Lawsuit seeks restitution from former Olympic Rower

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.”

BCSC in June 2016 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.

Just Posted

A report on food security in Sooke reveals that nearly 15 per cent of people in Sooke have trouble getting food on the table. (The Canadian Press)
Food security a growing challenge in Sooke

‘This isn’t going to get any better if we don’t do anything about it’

Environment Canada has issued a special weather statement for Greater Victoria with unusually high temperatures expected Monday and this coming weekend. (Black Press Media file photo)
Greater Victoria’s first week of summer will be a scorcher

Special weather statement issued Monday by Environment Canada

A health-care worker takes part in HeArt Therapy session conducted by Shirley artist Sheila Thomas. (Contributed - Lorrie Beauchamp)
A creative ‘thanks’ to Vancouver Island’s essential workers

Artist Sheila Thomas creates therapy art session for workers on pandemic’s frontlines

FILE – Perry Bellegarde, National Chief of the Assembly of First Nations, takes part in an event on Parliament Hill in Ottawa on Tuesday, July 7, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Indigenous Peoples Day must be a ‘call to action’, says Assembly of First Nations chief

Discovery of children at Kamloops residential school site must lead to change, Perry Bellegarde says

A rendering shows what the Doral Forest Park development would look like from the southwest. (Rendering via D’AMBROSIO Architecture & Urbanism)
Beaver Lake area project passes next hurdle in Saanich

Council approval for 242-unit parks edge development hinges on meeting of conditions

Jesse Roper tackles weeds in his garden to kick off the 2021 season of What’s In My Garden Man? (YouTube/Whats In My Garden)
VIDEO: Metchosin singer-songwriter Jesse Roper invites gardeners into his plot

What’s In My Garden, Man? kicks off with the poop on compost

The Crofton trailer park home where the bodies of two people were found. (Photo by Don Bodger)
Mom still waiting for answers after daughter and her fiance found dead in Crofton

Pair discovered dead in their Crofton home in May identified as Rachel Gardner and Paul Jenkins

The Sacred Hearts church on PIB land burned Monday morning. (Theresa May Jack/Facebook)
Two churches on First Nation land in South Okanagan burn to the ground

Sacred Hearts church on Penticton Indian Band land was reduced to rubble

Tl’etinqox-lead ceremony at the site of the former St. Joseph’s Mission in Williams Lake, B.C., June 18, 2021. (Angie Mindus photo - Williams Lake Tribune)
‘We are all one people’: Honouring residential school victims and survivors

Love, support and curiousity: Canadians urged to learn about residential schools and their impact

Indigenous rights and climate activists gathered outside Liberty Mutual’s office in Vancouver to pressure the insurance giant to stop covering Trans Mountain. (Photo by Andrew Larigakis)
Activists work to ensure Trans Mountain won’t get insurance

Global campaign urging insurance providers to stay away from Canadian pipeline project

In the first election with public money replacing corporate or union donations, B.C. Liberal leader Andrew Wilkinson, B.C. Greens leader Sonia Furstenau and B.C. NDP leader John Horgan take part in election debate at the University of B.C., Oct. 13, 2020. (THE CANADIAN PRESS)
B.C. MLAs ponder 2022 ‘sunset’ of subsidy for political parties

NDP, B.C. Fed call for increase, B.C. Liberals have no comment

Investigators use a bucket to help recover human remains at a home burned in the Camp fire, Thursday, Nov. 15, 2018, in Magalia, Calif. Many of the missing in the deadly Northern California wildfire are elderly residents in Magalia, a forested town of about 11,000 north of the destroyed town of Paradise. (AP Photo/John Locher)
‘Forever War’ with fire has California battling forests instead

Five of the state’s largest-ever blazes seared California last year, as authorities tackle prevention

Tokyo 2020 President Seiko Hashimoto and IOC President Thomas Bach, on a screen, speak during a five=party online meeting at Harumi Island Triton Square Tower Y in Tokyo Monday, June 21, 2021. The Tokyo Olympics will allow some local fans to attend when the games open in just over a month, Tokyo organizing committee officials and the IOC said on Monday. (Rodrigo Reyes Marin/Pool Photo via AP)
Tokyo Olympics to allow Japanese fans only, with strict limits

Organizers set a limit of 50% capacity — up to a maximum of 10,000 fans

Most Read