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by Mike Caswell

Vancouver's Brent Pierce has lost another legal challenge to the $9.3-million in penalties that he received from the U.S. Securities and Exchange Commission for the Lexington Resources Inc. scheme. (All figures are in U.S. dollars.) The Court of Appeals for the District of Columbia Circuit has rejected his request to reopen the case. The court has ruled that there is no new evidence or circumstances that would justify such an action.

The penalties, which Mr. Pierce has challenged repeatedly, stem from the 2004 promotion of Lexington Resources, a purported Oklahoma oil and gas company. The SEC filed two administrative actions against Mr. Pierce for Lexington, and won $2.04-million in sanctions in the first and $7.24-million in the second. An administrative law judge found that Mr. Pierce had arranged for a spam campaign to tout the stock, and then sold shares through accounts at Hypo Bank in Liechtenstein.

Mr. Pierce's present loss is contained in an order handed down on Nov. 7, 2016. The order is very brief, simply stating that the court has no jurisdiction to review the matter. This is because Mr. Pierce has not presented any new evidence. The order represents a unanimous ruling by three judges.

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