Gregory Carrington charged with 10 securities act offences

The former CEO of WebNet Global in Abbotsford was arrested at his home on June 18.

Gregory Carrington is shown in 2008

Gregory Carrington is shown in 2008

An Abbotsford man who was charged this week with 10 offences under the B.C. Securities Act was allegedly seeking involvement in a mining operation after he had been banned from trading securities for 20 years.

Gregory Clark Carrington, 66, was arrested without incident at his home in Abbotsford on Monday by the B.C. Securities Commission’s  (BCSC) criminal investigations team.

BCSC spokesman Richard Gilhooley said the charges relate to selling securities without being registered, making misrepresentations, breaching an existing trading ban, and selling securities without a prospectus.

The offences date back to March and April 2011, and occurred in Abbotsford, Vancouver and White Rock, according to the online provincial court database.

Carrington had received the 20-year ban by the BSCS in February 2011 for  his involvement in a now-defunct wireless operation that was based in Abbotsford.

He was the CEO and president of WebNet Converged Wireless Networks Ltd., WebNet Broadcasting Corporation, WebNet Global Capital Partners Ldt. and 3dh Capital Ltd.

BCSC found that the companies contravened securities laws when they distributed sloppy documents to investors.

Among the deficiencies noted by the BSCS at that time were that some of the documents had inaccurate or missing financial statements, did not properly disclose short- and long-term objectives and did not “adequately disclose material agreements.”

The BSCS stated that WebNet raised about $8.74 million from 916 investors in B.C., several other provinces and the U.S.

In July 2008, WebNet laid off more than 100 employees in Abbotsford without notice and suspended its broadband wireless network, high-speed Internet and Internet phone service.

In addition to the 20-year ban on trading securities, Carrington was prohibited from acting as a director or officer of any issuer, acting as a manager or consultant in the securities market and from engaging in investor relations.

Gilhooley said he could not comment on the specifics related to the latest series of charges.

However, about five months after the ban last year, the Abbotsford News was contacted by two former WebNet investors who said they had received correspondence from Carrington, requesting their involvement in a company called Golden Trunk Mines.

The documents stated that the company would provide the capital to put into production four gold and silver mines in southeast Oregon.

The documents say that Carrington was a “temporary trustee” of the Buena Suerte Family Trust, which was to receive a “disbursement” of free trading shares of Golden Trunk Mines.

The documents invited the individuals to turn over their WebNet shares, with the cash value exchanged for an equal number of shares in the mining operation.

In order to receive the shares, they would be required to pay a “transfer fee.” In the case of one individual, the fee totalled five per cent of his shares, divided into two payments.

Each share was expected to list on the Frankfurt Stock Exchange for between one and 1.3 euros, according to the paperwork. At the time, this meant that 10,000 shares would be the equivalent of 13,000 euros, or about $18,590 U.S.

Once the “gifted” shares reached double the value of their WebNet investment, the individuals would be asked to turn over the trust of their Webnet shares, and “any obligations by Dr. Gregory Carrington to recover your investment will be extinguished.”

The documents listed an address and account number for a bank in Las Vegas for the transfer fees to be wired to.

There is no indication on the Golden Trunk Mines website that the venture ever progressed. The last apparent update on the website was in May 2011, indicating that updates on the progress, acquisitions and production schedules would be posted as they occur.

 

Just Posted

Alexis Paige Simpson has not been in contact with her family in two months. (RCMP photo)
Chilliwack RCMP looking for missing 20-year-old woman

Police say Alexis Paige Simpson has not been in contact with her family in two months

(Maps.Chilliwack.com)
RCMP seek dash-cam footage after Chilliwack road rage incident

Male driving a black pickup stopped and allegedly threatened to punch another driver

Deepak Sharma of Abbotsford has been convicted of the sexual assault of one of his cab passengers in West Vancouver in January 2019.
Former Abbotsford Hindu temple president convicted of sexual assault

Deepak Sharma assaulted a female passenger when he was a cab driver

A blood drive in support of 1-year-old Rielynn Gormley of Agassiz is scheduled for Monday, June 28 at Tzeachten First Nation Community Hall in Chilliwack. Rielynn lives with type 3 von Willebrand disease, which makes it difficult for her to stop bleeding. (Screenshot/Canadian Blood Services)
Upcoming blood drive in honour of Agassiz toddler with rare blood condition

The Gormley family has organized a blood drive in Chilliwack on June 28

Woody’s RV World hosts a grand opening for its brand-new Abbotsford location on Saturday. (YouTube)
Woody’s RV World hosts Abbotsford grand opening on Saturday

First-ever B.C. location for successful RV chain, located on Marshall Road

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

Chilliwack secondary school’s principal is apologizing after a quote equating graduation with the end of slavery in the U.S. was included in the 2020-2021 yearbook. (Screenshot from submitted SnapChat)
B.C. student’s yearbook quote equates grad to end of slavery; principal cites editing error

Black former student ‘disgusted’ as CSS principal apologizes for what is called an editing error

Skeena MLA Ellis Ross. (Photo by Peter Versteege)
BC Liberal leadership candidate condemns ‘senseless violence’ of Okanagan church fires

Skeena MLA Ellis Ross says reconciliation isn’t about revenge for past tragedies

A coroner’s inquest will be taking place at the Capitol Theatre in Port Alberni for the next week. (ELENA RARDON / ALBERNI VALLEY NEWS)
Teen B.C. mom who died following police custody recalled as ‘friend to many’

Police sent Jocelyn George to hospital after intoxication had gone ‘beyond the realm’ of normal detox

FILE - In this Nov. 29, 2020, file photo, Las Vegas Raiders defensive end Carl Nassib leaves the field after an NFL football game against the Atlanta Falcons in Atlanta. Nassib on Monday, June 21, 2021, became the first active NFL player to come out as gay. Nassib announced the news on Instagram, saying he was not doing it for the attention but because “I just think that representation and visibility are so important.” (AP Photo/John Bazemore, File)
Nassib becomes first active NFL player to come out as gay

More than a dozen NFL players have come out as gay after their careers were over

Penticton Indian Band Chief Greg Gabriel speaks to the Sacred Hearts Catholic Church burning down early Monday morning, June 21, 2021. (Monique Tamminga Western News)
Penticton band chief condemns suspicious burning of 2 Catholic churches

Both Catholic church fires are deemed suspicious, says RCMP

COVID-19 daily cases reported to B.C. public health, seven-day moving average to June 17, 2021. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infections drop to 90 on Sunday, 45 Monday

Pandemic spread dwindles as 77% of adults receive vaccine

By protesting uninvited in First Nations’ territories, conservationists are acting in a neocolonial or paternalistic manner, says Huu-ay-aht Chief Robert Dennis. Photo by Heather Thomson
A closer look: do Vancouver Island First Nations support the war in the woods?

First Nations/environmentalist old growth alliance uneasy, if it exists at all

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read