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by Mike Caswell

The B.C. Securities Commission has secured bans of 12 years and four years against two B.C. men in connection with an OTC Bulletin Board shell scheme. The regulator said that the men, Robert Scott Morrice and Donald Byrne, used nominees in Saskatchewan to disguise their roles with three OTC-BB listings in order to circumvent rules in B.C. Mr. Morrice sold one of those listings to a British Virgin Islands company, after which it was used in a fraud that resulted in charges against a U.S. man, the BCSC claimed.

The bans are contained in administrative orders the BCSC released on Thursday, April 30. The orders prevent Mr. Morrice and Mr. Byrne from serving as an officer or director of any company. Mr. Morrice, a retired lawyer living in Victoria, received a 12-year ban. Mr. Byrne, a resident of the small town of Lumby, received a four-year ban. They are also barred from engaging in investor relations for the same period. (The only exception is for Mr. Morrice, who may remain an officer and director of a law corporation he controls, R.S. Morrice Personal Law Corp.) Both men accepted the bans as part of a settlement with the BCSC, in which they admitted to most of the allegations against them.

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