VANCOUVER, March 4, 2019 /CNW/ - A Port Moody man was sentenced February 28 in Surrey Provincial Court to three months in prison for violating a permanent ban on capital market activities.
Rui Armando Figueiredo (a.k.a. Roy Figueiredo), 58, pleaded guilty to one count of breaching an order of the British Columbia Securities Commission (BCSC), and will serve the three-month sentence consecutively with a 3½year sentence for fraud charges brought by the Surrey RCMP. He also will be on probation for two years following his release from custody and was ordered to pay $1.8 million in restitution to the victims of the fraud.
In 2016, a BCSC panel found that Figueiredo operated a fraudulent investment scheme through his companies PARE Realty Ltd. and 0929870 B.C. Ltd. As a result, he was permanently banned from purchasing and trading in any securities or exchange contracts; becoming or acting as a director or officer of any issuer or registrant; becoming or acting as a registrant or promoter; engaging in investor relations activities; and acting in a management or consultative capacity in connection with the securities market.
A 2017 investigation by the BCSC's Criminal Investigations Branch found that Figueiredo traded in securities and acted as a director and officer of 1092580 B.C. Ltd., contrary to the 2016 BCSC order.
Figueiredo has been in custody since his arrest on the BCSC's charges in June 2017. Due to the time that Figueiredo has already spent in custody, he has approximately 14 months remaining on his total sentence.
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
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