|ANTI-NAKED SHORT SELLING FOUNDER BRENT PIERCE SUED BY SEC FOR ALLEDED ILLEGAL TRADING. BRENT PIERCE OF GENEMAX FAME. |
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Vancouver stock promoter faces $8-million suit in U.S. for illegal trading
By Staff reporter, The Province June 9, 2010
SAN FRANCISCO — Vancouver stock promoter Brent Pierce is being sued for $8 million by the U.S. Securities and Exchange Commission after alleged illegal trading through two offshore properties.
The SEC is seeking to recover the money that it claims Pierce collected through accounts in Newport Capital Corp. and Jenirob Company Ltd. The SEC claims Pierce secretly controlled and concealed the operations from regulators.
"The promoters behind lucrative stock schemes frequently operate behind a wall of secretive offshore entities," says Marc Fagel, regional director of the San Francisco SEC office.
In a press release, the SEC reports that Pierce was found in a previous action to have violated the federal securities laws in connection to the trading of stock from Lexington Resources Inc., a now defunct oil and gas company. At the time, Pierce was ordered to pay back from his personal account about $2 milllion in illegal trading profits.
The SEC alleges that in 2004, Pierce controlled Lexington and sold 1.6 million shares in the stock to the public through the Newport and Jenirob accounts for almost $8 million — while Pierce and his associates "conducted massive spam and newsletter campaigns outting Lexington stock."
A hearing will be scheduled to determine future actions.
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