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by Mike Caswell
The U.S. Securities and Exchange Commission has filed an administrative case against banned Vancouver lawyer John Briner, claiming that he secretly set up 20 purported mining companies in a fraudulent shell-factory scheme. Among other things he fabricated property deals and installed nominee officers, the SEC claims. He hid his role with the companies after receiving prior sanctions in a pump-and-dump case, according to the SEC.
The allegations are contained in an order instituting proceedings the SEC filed on Thursday, Jan. 15. The scheme, as described in the order, involved Mr. Briner creating 20 companies that he planned to use in reverse mergers or other transactions. In order to avoid the heightened regulatory requirements that normally attach to U.S. "blank check" issuers, he set up sham deals in which the companies supposedly acquired B.C. mining properties, the SEC says.
Mr. Briner hid his roles with the companies by recruiting acquaintances and clients of his former law firm to serve as the sole officers and directors, the order states. He allegedly paid the officers $2,000 or $3,000, with the promise of $7,000 or $8,000 when the companies obtained listings on the OTC Bulletin Board. (All figures are in U.S. dollars.) One company's sole officer was a transit operator from Alberta, while another had a Utah realtor.
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yeh, and what about ALL the TSX listed juniors playing office the last 3 years? none doing any deals, just playing office