We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Biotech / Medical : GMXX - GENEMAX CORP
ISON 0.00May 25 4:00 PM EDT

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: StockDung5/20/2014 1:29:52 PM
   of 978
Anti naked short selling advocate losses apeal


SEC target Pierce loses Lexington appeal

2014-05-20 13:15 ET - Street Wire

Also Street Wire (C-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-LXRS) Lexington Resources Inc

by Mike Caswell

The U.S. Securities and Exchange Commission has denied an appeal by West Vancouver's Gordon Brent Pierce of his second penalty for selling unregistered shares of Lexington Resources Inc. The regulator has ordered him to pay $7.24-million in disgorgement and $4.21-million in interest. (All figures are in U.S. dollars.) In rejecting the appeal, the SEC has found that the second Lexington case against Mr. Pierce was only necessary because he fraudulently concealed his control over shares he held through two offshore companies.

Brent Pierce

The appeal stems from the 2004 promotion of Lexington Resources, a purported Oklahoma oil and gas company. The SEC filed two administrative actions against Mr. Pierce for Lexington, and won $2.04-million in sanctions in the first and $7.24-million in the second. An administrative law judge found that Mr. Pierce had arranged for a spam campaign to tout the stock, and then sold shares through accounts at Hypo Bank in Liechtenstein.

The remainder is available to Stockwatch subscribers. Click the yellow link above for a free trial subscription. © 2014 Canjex Publishing Ltd. All rights reserved.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext