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by Mike Caswell

The U.S. Securities and Exchange Commission has imposed a permanent ban and $2.8-million in financial penalties against former Bolder Investment Partners Ltd. employee Brent Chapman. (All figures are in U.S. dollars.) The SEC said that he was part of a scheme to boost a purported Tennessee coal company, Americas Energy Company. He and his co-defendant, Vancouver's Bruce Strebinger, arranged a paid touting campaign while selling millions of shares, the SEC claimed.

The penalties for Mr. Chapman are contained in a final judgment entered in Atlanta on Monday, June 20. The order permanently bans him from participating in penny stocks and from future violations. It also orders him to disgorge his gains from the scheme, which the judgment lists as $2.8-million. The penalties represent a negotiated settlement, in which Mr. Chapman did not admit any wrongdoing.

The settlement with Mr. Chapman comes about four months after his co-accused, Mr. Strebinger, agreed to pay $1.5-million to settle the case as well. He too accepted a permanent penny stock ban and an order barring future violations. As with many such settlements, Mr. Strebinger did not admit to any wrongdoing when he agreed to the sanctions.

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