Investor Fraud

Vancouver, BC: (Feb-20-08) The British Columbia Securities Commission brought charges against Gregory William Rivers, the former president and director of two companies, alleging that he illegally distributed and misrepresented approximately $6.6 million in securities to investors across Canada. The suit claimed that between February 2002 and April 2005, Rivers, the president and director of Advanced Rescue Technologies Inc. (ARTI) and NOF Electrical Generation Inc. (NOF), distributed, directly and through agents, approximately $6.6 million in preferred shares to investors across Canada without being registered and without filing a prospectus. At least 27 British Columbia residents invested nearly $1 million in ARTI and NOF. As director and chief officer of the two companies, Rivers violated securities laws by allowing the distribution of shares to investors. Additionally, he was accused of making misrepresentations to investors when he failed to disclose ARTI had paid almost $75,000 in commissions to Alvin Lee Johnson and VG Capital Group Inc., two parties named in a separate BCSC notice of hearing. Rivers also failed to disclose to NOF investors that the company had made over $4 million in interest-free, non-arm's length loans to individuals and companies, including ARTI.

As part of a settlement reached, Rivers agreed to pay $10,000 to resolve allegations. Further, he must, with limited exceptions, cease trading in securities, not become or act as a director or officer of any issuer, and not engage in investor relations for 12 years. Both ARTI and NOF must permanently cease trading and purchasing securities, and are permanently banned from future investor relations activities. [MARKET WIRE: INVESTOR FRAUD]

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.

Please click here for a free evaluation of your claim

Published on Feb-21-08