Former Vancouver Canucks Owner Finds Himself in Hot Water Following Announcement by the BC Security Commission
Photo credit: Global News
A former Vancouver Canucks owner found himself in hot water recently in British Columbia following an announcement from the BC Securities Commission.
The Vancouver Canucks are gearing up for their 56th season in the National Hockey League and while the team's focus is on the ice and hopefully getting off to a hot start to the new campaign, there's been a lot to talk about off the ice regarding current and past ownership groups the franchise has had.
Earlier this month, a report came out that said the Aquilini family was involved in a lawsuit filed by Matteo Aquilini, who left the team's ownership group this summer.
Meanwhile, a former owner of the club also found himself in some hot water recently by the BC Securities Commission with details being released regarding his situation on Monday.
Former Vancouver Canucks owner finds himself in hot water in BC
In a recent article from City News Vancouver, it was revealed that former Vancouver Canucks owner Arthur Griffiths had to pay $30,000 CAD to the BC Securities Commission for security violations relating to a cannabis company he was in charge of.
According to the report, investors involved with the cannabis company lost their money as part of these security violations, resulting in Griffiths agreeing to a settlement with the BC Securities Commission this month.
"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." City News Vancouver said.
They added, "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."
They added, "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."
Griffiths, 68, became owner of the Vancouver Canucks ahead of the 1988-89 campaign and during his nine season run at the helm, the club reached the Stanley Cup Playoffs seven times, won the Smythe Division title in back-to-back years and made it to the Stanley Cup Final in 1994, losing in seven games to the New York Rangers.
In 1997, Griffiths was forced to sell the Vancouver Canucks to John McCaw Jr. due to a weak Canadian dollar and unstable economy at the time and 19 years later, was inducted into the BC Sports Hall of Fame.
Source: City News Vancouver
Former Vancouver Canucks owner admitted misconduct to BC Securities Commission
Former Vancouver Canucks owner admitted misconduct to BC Securities Commission
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