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Biotech / Medical : GMXX - GENEMAX CORP
ISON 0.00May 25 4:00 PM EDT

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From: StockDung5/20/2014 1:29:52 PM
   of 978
 
Anti naked short selling advocate losses apeal

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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.

GORDONBRENTPIERCE.COM
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.

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