Salmon Arm man represents himself in securities trial

Richard Good alleged to have contravened 2007 BC Securities Commission life-time trading ban

Richard Good, 73, from Salmon Arm, is defending himself in Provincial Court in Salmon Arm against a charge of contravention of the Securities Act.

The BC Securities Commission (BCSC) issued a 2007 order and a 2009 variation on that order which permanently prohibits Good from trading in securities “unless the trading accounts are in his own name and the trading is for his own financial purpose,” stated an April news release from the commission.

The Crown is alleging that Good contravened the trading ban by making trades for Brenda Bolton between 2012 and 2015.

Good was also facing a charge of fraud over $5,000 in BC Supreme Court, but that charge was stayed on Sept. 30.

Bolton is the former partner of Bruce Ridout of White Rock, now deceased, who was Good’s brother-in-law and financial partner for more than 30 years..

Crown counsel Heather Magnin’s first witness was Bolton, and the second, Jerome Wakeland with the BCSC’s criminal investigation branch. Wakeland testified on Nov. 4.

He told the court that in 2016, BCSC received a complaint from Bolton regarding her dealings with Richard Good. Wakeland said in the course of his investigation he looked at the transfer of funds between various investment and trading accounts, as well as stock transactions and emails. The court heard that Richard Good did not have his own account but had power of attorney on one of his wife Donna’s accounts.

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Wakeland detailed several transfers of funds from Bolton.

In cross-examination, Good asked Wakeland if Bolton transferred any funds to him directly. Wakeland stated they were all transferred to his wife, Donna Good.

Judge Mark Takahashi told Good several times throughout the cross-exam, as he was acting as his own lawyer, that hearsay is not useful; he must ask the witness about things the witness has personal knowledge of.

During the Crown’s cross-examination of Good, Magnin referred to emails between Bolton and Good. She suggested that Good had made trades through his wife’s account using money from Bolton and Ridout. Good said he had never received money from Bolton.

Good alleged during the proceedings that Charter of Rights breaches had been made. He was unable to specify which of those rights had been breached, so the judge asked how long he would need to clarify. Based on that, Good will provide a submission to the judge by Nov. 22.

Good also argued that the time limitation between the alleged offence and the laying of a charge was too long. To that, Judge Takahashi said Good might have a point and he would like to see case law from the Crown, which she provided.

On Dec. 17, a date will be set for the judge to render his decision.

@SalmonArm
marthawickett@saobserver.net

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