SEC cites 20 B.C. mining companies for hidden control
2014-02-04 13:32 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
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by Mike Caswell
The U.S. Securities and Exchange Commission has filed stop order proceedings against 20 purported mining companies for including false information in their registration statements. The SEC claims the companies each failed to disclose that they were controlled by John Briner, a Vancouver lawyer. Mr. Briner was the subject of previous fraud charges from the SEC and in 2010 received a five-year ban from practising as a lawyer before the SEC.
The proceedings are contained in 20 separate administrative orders the SEC filed on Monday, Feb. 3. In each of the orders, the SEC claims that the companies filed registration statements (mostly in 2013) in which they falsely claimed that their management consisted of one person. (The person varied by company. One said its sole officer was a transit operator from Alberta, while another listed a business consultant from Ontario.) The companies did not mention Mr. Briner, who the SEC says was an undisclosed control person.
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Better late than never.. The Law Society has a few more surprises for Mr. Briner coming soon.
Posted by Buckstops at 2014-02-04 14:12
this guy just does not give up. take a vacation and show a little respect for the SEC and the BCSC and you might be able to do some business again
Posted by stockman at 2014-02-04 21:35
It should be noted that none of the mining companies listed as "BC companies" would be able to trade in Canada....however they can trade on the always exciting OTC:BB. And it should be noted that the SEC will watch scams unfold and people get fleeced for years and then heroically step in and take down the perps and fine them 100,000,000 or so. The technology is readily available to stop the scams before mom & pop are fleeced for much and to stop scams before they happen.
Posted by shoes at 2014-02-05 05:55
mom and pop should not be buying OTC:BB period. If they do, then they do need their head examined. They need to stick to large caps paying 10 per cent with combined dividend and cap gains.
Posted by Buckstops at 2014-02-05 15:44
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