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by Mike Caswell

The U.S. Securities and Exchange Commission has imposed a permanent ban and a $71,820 fine on Vancouver lawyer John Briner for a shell factory scheme from 2011. (All figures are in U.S. dollars.) The SEC claimed that he attempted to register 20 purported mining companies using sham property deals and nominee officers and directors. In doing so he hid his regulatory history, which included a five-year penny stock ban that he received in 2010.

The sanctions are contained in an administrative order that the SEC handed down on Friday, Sept. 18. In addition to the fine, the SEC has imposed a permanent officer and director ban on Mr. Briner and a permanent penny stock ban. He is also permanently barred from practising as a lawyer before the SEC. The sanctions represent a negotiated settlement, in which Mr. Briner did not admit any wrongdoing.

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