British Columbia Securities Commission

British Columbia Securities Commission

June 20, 2017 15:00 ET

Coquitlam man arrested for breaching a B.C. Securities Commission order

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 20, 2017) - Rui Armando Figueiredo (a.k.a. Roy Figueiredo), 56, currently of Coquitlam, B.C., was arrested on June 13, 2017, following an investigation by the British Columbia Securities Commission's (BCSC) Criminal Investigations Branch, with assistance from Surrey RCMP. The warrant for Figueiredo's arrest was issued in connection with multiple charges against Figueiredo under the Securities Act, and he was arrested in Burnaby, B.C., with assistance from Burnaby RCMP.

It is alleged that on or between October 11 and December 15, 2016, Figueiredo traded in securities and acted as a director and officer of 1092580 B.C. Ltd., contrary to a Commission order issued July 7, 2016. As a result, Figueiredo is currently charged with three counts under the Securities Act of breaching the Commission order. If proven, the charges are punishable by a fine of up to $3 million, up to three years imprisonment, or both.

Figueiredo was denied bail and is detained pending trial. A trial date in this matter has yet to be set.

The order that Figueiredo is alleged to have breached was issued by the BCSC under the Securities Act on July 7, 2016, for operating a fraudulent investment scheme through his companies PARE Realty Ltd. and 0929870 B.C. Ltd. As a result of these proceedings, Figueiredo is permanently banned from purchasing and trading in any securities or exchange contracts and from becoming or acting as a director or officer of any issuer or registrant. He is also permanently prohibited from becoming or acting as a registrant or promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market. Figueiredo was further ordered to pay $57,875 in disgorgement and an administrative penalty of $130,000.

Surrey RCMP also investigated Figueiredo's involvement with PARE Realty Ltd. and 0929870 B.C. Ltd., with the result that Figueiredo was charged with 34 counts of fraud over $5,000 and one count of causing another person to use a forged document under the Criminal Code. Figueiredo is currently awaiting trial on these charges.

The Commission would like to thank the Surrey, Burnaby, and Ridge Meadows detachments of the RCMP for their assistance during the investigation and arrest of Figueiredo.

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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

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