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by Mike Caswell

Scott Beaudette, the former president of controversial OTC Bulletin Board listing Sunpeaks Ventures Inc., has lost a court challenge he filed as part of a fraud investigation the Alberta Securities Commission is pursuing against him. He had complained that evidence he gives investigators could end up being used as incriminating evidence in criminal court. In particular he said he was concerned the ASC could share information with the U.S. Department of Justice.

A judge, however, has found that the ASC's purpose is not to further any criminal matter. The regulator is simply pursuing its own investigation of Mr. Beaudette. There is nothing to indicate that the ASC intends to incriminate him in a U.S. criminal case.

Regulators have not made any finding against Mr. Beaudette, but it is clear that they are plenty suspicious. Until March, 2012, he was the president of Sunpeaks, a company that supposedly distributed specialty drugs and vitamins. The stock went to a $2.28 high not long after he resigned. (All figures are in U.S. dollars.) Around the same period, 160 million of the company's shares, worth about $61.2-million, traded on the OTC-BB. The company also appeared in a number of on-line tout sheets. The promotion ended shortly after it began, with the stock dropping to 10 cents within two months.

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