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by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil charges against two men for the promotion of Norstra Energy Inc., a purported Texas oil explorer with B.C. connections. The SEC claims that the men, Glen Landry and Eric Dany, vastly overstated the company's potential, sending its price to $2.06 from 35 cents. (All figures are in U.S. dollars.) Among other things, they claimed it had millions of barrels of oil that it did not possess, the SEC says.

The case against the men comes just four months after the SEC separately charged a group of offshore brokerages for selling $75-million worth of stock in Norstra and three other companies. The regulator said that the firms unloaded the shares in the midst of aggressive campaigns to tout the companies. The SEC also linked the companies to B.C., claiming that a private entity based in Surrey called Celtic Consultants LLC handled share transfers for them. (Celtic is not a defendant in either case.)

FAIRFIELD SUN TIMES

Glen Landry

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