SEC wins $2.9-million (U.S.) court order against Pierce
2010-09-07 14:12 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-LXRS) Lexington Resources Inc
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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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Mr.pierce is a slimey cheese dog .He knows better than to travel and his days of walking down howe street like some newborn pezim are over.He is laughed at and snickered at .They say he smells and to stay away"big heat" .Ya stink pierce ya hear me.I hope you go to jail at get married inside.
Posted by caca burnett at 2010-09-07 15:29
"Potential buyers may contact Jason Soprovich, a realtor whose portfolio only includes high-value properties."
Aweel, there's bound to be lots of traffic, what with the SEC and likely the CRA jostling to view the property and furnishings.
Jason might want to issue colour-coded hard hats to seperate the chaff (potential liz pendens and lien lookie-lookies, and the hordes of Howe Street tire kickers) from the wheat (those with access to $10 million in coin of the realm). While no one at Casa Pierce likely gives a damn about the CRA, the SEC or the unmoneyed Howe Street hangers-on, it would be a disaster of almost Biblical propertions if a deep-pocketted punter got elbowed unconscious before signing a purchase agreement.
If only Brent would take paper, as there's sure to be massive amounts of illiquid Lexington and CellCyte Genetics Corp stock floating around.
Posted by halcrow at 2010-09-07 15:34
Brent Pierce is a tax evading criminal, the CRA needs to nail this POS before he ends up in jail!!!!
Posted by Gatkins at 2010-09-07 16:51
The likes of Pierce would not exist if the self-regulatory authorities had any teeth and enforced the rules PRIOR to scams being perpetrated. Until they do, or criminal penalties are severe enough he and others will continues to bilk/milk the system. Remember his scam to put pictures of missing children on cash register tape? He should be next in line for an ambush acid face-wash.
Posted by
earl at 2010-09-07 18:28
@earl
"self-regulatory authorities"
WTF are self-regulatory authorities? You're saying that the BCSC and the SEC should regulate themselves?
They're not the ones buying the Pierce POS paper, it's the greedy Moms & Pops who believe the BS and aren't bright enough not to buy in, or certainly not bright enough to sell before the bubble bursts.
And about the missing kids on milk cartons? There is a limited number of kids available to adorn milk cartons; however, there aren't enough cows in the world to provide milk to fill the cartons which would be required to showcase the in-the-market fleeced, even if the cartons had different pictues on all four sides and the bottom.
As Baa Baa Black Sheep said' "how was it? Not too baaaaad?"
As the fleeced said, "I'll see you tomorrow (and I'll be bringing more cash)."
Posted by halcrow at 2010-09-07 23:44
Fleeced??? f_lee_ced ....that brings back old memories of Powertech (PWTC), those were the days selling $6 paper to gullible sheep!!!!!
Posted by Lee Balak at 2010-09-08 00:15
these guys are in trouble
Posted by wow at 2010-09-08 11:05
@ halcrow..........I believe he meant that the BCSC and the SEC need to recognize these scams and others such as Madoff............a bit earlier and so they should. WTF......if guys like you and me and many others can recognize these scams from say a mile away......shouldn't the guys who are watching the paper fly out from under their nose at least smell something. Don't forget the average mom and pop investor is under the impression that these guys are being regulated...........not just punished after they have stolen money.
Posted by shoes at 2010-09-08 11:51
Jonathan More?
Tell me more if you would please (either here) or at:
not_the_golden_goose@yahoo.com
Thanks.
Posted by Gimme MORE Justice at 2010-09-08 13:21
it amazes me how this guy is still doing deals.
MRGP Mercer Gold
MNLU Mainland
Posted by peter at 2010-09-08 13:42
"WTF are self-regulatory authorities? You're saying that the BCSC and the SEC should regulate themselves?"
Well geee-whiz didn't they both together do a swell job with SNMM (Starnet). Wasn't it them that managed to get Starnet raided? Wasn't it them that seized SNMM's computers and books? Wasn't it them that squeezed SNMM into selling a dying/decaying porn business so they could make further profits? Wasn't it them screened their filings for Directors with past offenses and/or crime connections?
I would say yeah, most people can point out the emperor is wearing no clothes but at the same time shouldn't someone point out he's standing in a kiddy playground. After all, the emperor now owns that online gambling business in BC so why wouldn't they have wanted that raid...lol
When will people learn the emperor wears what he wants...
Posted by TheStreet at 2010-09-08 15:07
Ladies and Gentlemen:
The SEC is now authorized to pay bounties of 10-30% to persons or entities who come up with original information (new) that leads to cases in which fines are disgorged (collected).
Please consider submitting tips if you have NEW information.
Thank you all very much.
What's the SEC's success rate for collecting on those fines? In many of Mike Caswell's articles I see monstrous fines assessed but, further down in the article, you read that the fine has been waived because of inability to pay.
The BCSC's track record isn't so great, either. If you take out the registered reps who had to pay to stay in business, there are likely some pretty large lumps gathering dust at their (seemingly) privacy-protected listing at http://www.bcsc.bc.ca/hearings.asp?id=6590 .
And the newly renamed IIROC? They don't even seem to have a publicly accessible listing but, last time I looked into it, their success rate was almost zero on a recovery-by-case basis.
Doubt if there'd be much of a chance to scrape up enough cash to make even a downpayment on the pool cabana at Casa Pierce.
Posted by halcrow at 2010-09-08 17:52
Recovery is getting better. Asset freezes early on help. As you know, with many in this sector, they spend it almost as fast as they make it.
Look at the PennyStockChaser. com case.
The SEC is learning they have to move fast on this crowd.
Posted by Reply to Halcrow at 2010-09-09 19:22
Pierce what happened to his buddy Larry? The BCSC continues to protect the entitled few against the interests of the investing public. TSX V, former VSE, John just does not get it, after all those years with Yorkton.
Posted by
Duncan at 2010-09-10 06:53
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