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by Mike Caswell

Vancouver's Brent Pierce has filed yet another legal challenge to the substantial penalty he received from the U.S. Securities and Exchange Commission for the Lexington Resources Inc. scheme. He has requested the U.S. Court of Appeals conduct an en banc review of a ruling that upheld $11.45-million in sanctions on him. (All figures are in U.S. dollars.) He complains that the SEC unfairly penalized him twice for the same promotion.

The review request is part of a lengthy legal action stemming from the 2004 promotion of Lexington Resources, a purported Oklahoma oil and gas company. The SEC claimed that Mr. Pierce personally sold $2.04-million worth of stock while paying for a spam campaign that boosted the company. The regulator also said that he sold $7.24-million worth of stock through two private entities using offshore accounts in Liechtenstein.

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Brent Pierce

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