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SEC wins order against 20 Briner-linked companies

2014-03-24 13:12 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission

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by Mike Caswell

An administrative law judge has suspended the registrations of 20 Vancouver-linked mining companies, ruling that each one failed to disclose John Briner as a control person. The judge has found that Mr. Briner enlisted five or seven individuals to serve as chief executive officers for the companies. The nominal CEOs had no roles in running the companies, and Mr. Briner made all decisions, the judge says.

The ruling is part of a case the U.S. Securities and Exchange Commission launched against the companies on Feb. 4, 2014. The SEC said that the companies filed registration statements in 2012 or 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.) None disclosed any affiliation with Mr. Briner, who had received a five-year ban from practising as a lawyer before the SEC in 2010.

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