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by Mike Caswell
The B.C. Securities Commission has imposed sanctions totalling $7.2-million against two individuals who raised $3.2-million in a purported attempt to resurrect a defunct Canadian Stock Exchange listing. (All figures are in U.S. dollars.) Most of the money raised went to personal expenses, including a Ferrari and cosmetic surgery, according to the BCSC. Investors received almost nothing.
The sanctions are contained in a decision the BCSC released on Thursday, Feb. 16. The penalties stem from a purported effort to resurrect Lexicon Building Systems Ltd. (formerly known as American Insulock Inc.). The company was the subject of an October, 2009, cease trade order and had delisted in Canada on Jan. 19, 2010. According to the decision, a former director of the company named Enna Keller, along with a U.S. resident named Richard Lian (also known as Richard Terry Ruuska), started raising money for the company in early 2010.
Through what they called a "friends and family program" the pair raised $3.2-million from 315 people, the decision states. Investors were told that their money would go toward the operating costs, debts and liabilities of Lexicon. Meanwhile Mr. Lian would assist the company in removing itself from bankruptcy. Investors understood that they would eventually receive shares of the company at five cents, along with warrants.
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i'm not sure why people rob banks. This type of crime seems so much more lucrative, and there seems to be no risk of punishment.