Former Vancouver Canucks owner admitted misconduct to BC Securities Commission
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VANCOUVER — The BC Securities Commission says Vancouver businessman Arthur Griffiths has agreed to pay $30,000 for securities violations after investors in a cannabis company he headed lost their money.
The commission says Griffiths — the former owner of the Vancouver Canucks and Vancouver Grizzlies — was the chief executive officer of RoccaVerde Wellness Corp. in 2019 when the company sold more than $192,000 in shares to investors without filing a required prospectus document outlining the investment.
A settlement agreement between Griffiths and the commission says the company retained “finders” to seek out “accredited investors” before Griffiths became a company director, but that he took “insufficient steps” after being brought on to make sure the finders were following regulations.
The agreement says accredited investors are exempt from the Securities Act’s prospectus requirements, but many of the investors referred by the finders were not accredited, and Griffiths admitted he didn’t do enough to ensure that RoccaVerde complied with the act.
