The British Columbia Securities Commission has reached a settlement with a B.C. man banning him from securities trading for 10 years after he admitted to illegally distributing securities and making misrepresentations in promoting the investments.

David Bentley Riemens admitted that he violated securities laws in raising about $1.9 million from investors, mostly in B.C., Ontario and Quebec, through trading and distributing securities in Investpro Real Estate Purchasing and Sales Ltd. without proper registration and without filing a prospectus. The company is purported to be a division of Riemens Enterprises Ltd. Riemens was the founder and only director of both companies. The securities issued to investors were for the purchase, improvement and resale of property in interior B.C.

Riemens admitted that he made misrepresentations in promoting investment in the Investpro securities through presentations, brochure and website information. Riemens also admitted that he, in an attempt to finance larger property developments, used about $372,000 of investors’ money in a Native Indian adoption scheme and a Nigerian letter scheme — spending that he thought would result in larger returns and tax savings. He did not tell investors in advance that he was using their money for these schemes. He also admitted to overstating Investpro’s finances and not registering mortgages on the properties as stated.

In addition to being banned from trading securities except in limited circumstances, Riemens cannot engage in any investor relations activities and he is prohibited from being a director or officer of any issuer for at least 10 years.