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by Mike Caswell

The U.S. Securities and Exchange Commission has won a court order in California giving Vancouver promoter Gordon Brent Pierce 21 days to pay $2.9-million in disgorgement and interest for the 2004 promotion of Lexington Resources Inc. (All figures are in U.S. dollars.) The SEC sought the order on June 8, 2010, arguing that Mr. Pierce had failed to pay his Lexington penalty even though one year had elapsed since it was imposed.

The fine stemmed from the spam-fuelled promotion of Lexington in 2004, during which Mr. Pierce dumped 1.9 million shares of the company, according to the SEC. The SEC launched two administrative actions against him in the wake of the promotion. In the first, the regulator won penalties totalling $2.9-million for 300,000 shares that Mr. Pierce sold through personal accounts. In the second action, which is still under way, the SEC is claiming that Mr. Pierce dumped 1.6 million shares through accounts in Liechtenstein in the names of two companies he controlled, Newport Capital Corp. and Jenirob Company Ltd.

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