Victoria man who stole from investors banned from market, BCSC says

The B.C. Securities Commission logo in an undated file photo.

A Victoria man who pleaded guilty to theft following an investigation by B.C.'s securities regulator has now been banned from the investment market.

Randolph Michael Rochefort pleaded guilty to four counts of theft over $5,000 in November 2022. He received a two-year conditional sentence and was ordered to pay $77,000 in restitution to five victims.

• Read more: Victoria man who stole from investors sentenced to house arrest, must pay $77K in restitution

Earlier this week, the B.C. Securities Commission announced that Rochefort had been permanently banned from a variety of types of participation in the financial market.

He is prohibited from trading in or purchasing any securities or derivatives except in accounts in his own name with a person registered to trade securities.

He's also banned from becoming or acting as a director or officer of any company that issues securities, advising on activities in the securities or derivatives markets, engaging in promotional activities involving securities or derivatives, or relying on any exemptions in B.C.'s Securities Act.

Rochefort's crimes occurred between 2013 and 2016, according to the BCSC. During that time, he brokered several transactions for investors who had purchased securities of a real estate investment company for which he was acting as a sales person.

"Instead of forwarding all the investors’ funds to the company, as he promised to do, Rochefort used some of the funds for personal expenses and cash withdrawals," the BCSC said in a news release.

California woman also banned

In a separate, unrelated case, the BCSC imposed the same permanent market ban on a Southern California woman who pleaded guilty to wire fraud in U.S. federal court.

Sharief Deona McDowell was sentenced to five years in prison and ordered to pay restitution of US $2.4 million, the BCSC said.

The commission said McDowell admitted she intentionally defrauded "at least 28 investors, including a B.C. resident" between 2018 and 2022.

McDowell falsely claimed that she would invest the victims' money in commodity futures and options contracts. Instead of doing so, however, she used the money to pay for personal expenses and gifts for others, as well as to pay investors disbursements that she falsely claimed were from their accounts.

"She fabricated trade confirmations and accounts statements to deceive the investors into thinking their investments were generating returns," the BCSC release reads.

"Both Rochefort and McDowell must resign any position they hold as a director or officer of an issuer or registrant."