Kamloops man charged for violating bankruptcy laws

A former mutual funds dealer who defrauded local investors of more than $1 million returns to a Kamloops courtroom later this month accused of violating conditions of his bankruptcy.

Ronald Stephen Barker faces a total of seven charges under the Bankruptcy and Insolvency Act.

According to information sworn by the Crown, Barker did not disclose that he received almost $15,000 in insurance money and then transferred the funds to his wife, Gail Barker.

Sgt. Glen Penner of the RCMP's E-Division commercial crimes unit said Tuesday the charges stem from alleged activities that occurred in December 2005 and April, May and December of 2006.

Penner cannot speak to specifics of the case as it is before the court. But he said there are duties people most follow when he or she declare bankruptcy.

"If you don't do them you are leaving yourself open for charges under the bankruptcy act," he said.

Duties can include attending meetings of creditors, disclosing liabilities and advising a trustee of changes in address. Penner said if a person wants to run a business, he or she must inform clients of the bankruptcy.

Stories previously published by The Daily News have said the B.C. Securities Commission ruled in March of 2005 that Barker had defrauded investors. It handed him a $250,000 penalty and billed him legal costs of $60,000, plus gave him a lifetime ban from trading in securities.

Through poor investments, unsecured loans and neglectful accounting Barker lost $1.7 million of $2.3 million he raised from investors in the Kamloops area, the stories said.

He sold mutual funds and life insurance and urged clients to invest in a company called Double Eagle Investments Inc. He promised 12 per cent return on what he called "a very safe" venture, said the stories.

Barker appears in court May 17.

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