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by Mike Caswell

The B.C. Securities Commission has imposed $110,000 in penalties against two men who improperly raised money for RoccaVerde Wellness Corp., a would-be cannabis listing that had Vancouver businessman Arthur Griffiths as its chief executive officer. The BCSC says that the men raised a combined $1.3-million for the company in 2018 and 2019. Investors lost all of their money, according to the BCSC.

The penalties for the men are contained in settlement agreements that the BCSC released on Wednesday, Oct. 22. The larger penalty is against Spencer Coulter of Vancouver, who must pay $65,000 and serve a nine-month ban. The other settlement is with Nigel Horsley of Garden Bay, B.C. (north of Sechelt), who must pay $45,000 and also serve a nine-month ban. The men are prohibited from trading and from engaging in promotional activities during their bans.

The penalties arise from investors that the men solicited in 2018 and 2019 for RoccaVerde, with Mr. Horsley raising $799,200 and Mr. Coulter bringing in $576,184. In raising the money, the men ran afoul of rules requiring them to be registered. Among other things, they were "acting similarly to a registrant, including by acting as an intermediary between RoccaVerde and the investors," the BCSC said. They also solicited investors for a period of several months and received compensation, according to the BCSC.

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