By James Peters

Investor Fraud

Shuswap man with history of bilking investors sentenced to house arrest

May 11, 2020 | 12:14 PM

SALMON ARM, B.C. — Thirteen years after he was convicted of bilking investors out of millions, a Salmon Arm man has been nabbed once again.

In 2007, the B.C. Securities Commission (BCSC) banned Richard Good from ever trading in securities again.

Good had raised $2.4 million from investors by promising he could help them generate high returns. Instead, the BCSC says he invested only a fraction of the money and used “the rest for personal expenses and to return purported interest and capital investments to some investors.”

The story is similar from the most recent incident.

The provincial court found Good enticed a a woman who was living with his best friend to invest through him in 2013 and 2014. He had promised her profitable returns, only to invest a small portion and use the rest for personal expenses.

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In 2019, Good was charged with breaching the prohibition from trading in securities. He was convicted in March, 2020.

On May 5, he was sentenced to two years of probation including a term of house arrest.

The sentencing judge offered harsh remarks upon the latest conviction, saying “the breach was deliberate and premeditated.” The judge added, “In 2007, Mr. Good was exposed as a swindler and con artist. By that time, lying was a way of life for him and there is no indication that he has changed.”

The sentence, in which Good is only allowed to leave his house for one hour per day, was imposed with the judge saying it was more appropriate than jail time considering the circumstances surrounding the COVID-19 pandemic.