BCSC lowers Poonian's disgorgement after appeal ruling
2018-05-16 16:07 ET - Street Wire
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by Mike Caswell
The B.C. Securities Commission has reduced the $7.3-million disgorgement order that it previously imposed on Vancouver's Thal Poonian for a 2008 manipulation. The regulator has ordered him to disgorge $1.3-million and has ordered his wife Sharon to pay $3.1-million. The reduction is a victory of sorts for Mr. Poonian, although he remains permanently banned and still must pay a $10-million fine.
The sanctions stem from the manipulation of OSE Corp., a TSX Venture Exchange listing that went to $2. In 2015, the BCSC found that Mr. Poonian and others made $7.3-million selling the stock at inflated prices. The company later dropped to eight cents, and investors suffered losses of $7.1-million.
Initially, the BCSC determined that Mr. Poonian and the others involved should jointly disgorge the entire $7.3-million from the scheme, and it imposed an order on those terms. Mr. Poonian disagreed, saying that the BCSC should have to parse out each person's earnings. He took the matter to the Court of Appeal for British Columbia, which agreed with him on that issue. On May 31, 2017, the court ordered the BCSC to recalculate the disgorgement portion of its order.
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BCSC is a sham? Copy and paste this url and judge it for yourself. BCSC ruined the lives of BC residents and then canceled their fines. http://bcsecuritiescommissionasham.blogspot.ca/2016/03/be-fraud-aware-5-reasons-bc-securities.html
BRITISH COLUMBIA SECURITIES COMMISSION Securities Act, RSBC 1996, c. 418 Citation: Re SPYru Inc., 2018 BCSECCOM 24 Date: 20180115 SPYru Inc., Paradox Distributors (1992) Ltd., Echo Partners Ltd., U-GO Brands Nutritional Products Inc., Peter David Harris, Lorne Neil Cire, Christopher Andrew Burke, Millard Michael Kwasnek, and Joseph Yvan JeanClaude Thibert a.k.a. John Thibert Variation Order [1] On May 31, 2017, the BC Court of Appeal issued a judgment in Poonian v. British Columbia Securities Commission (2017 BCCA 207). In the judgment, the Court considered the interpretation of section 161(1)(g) of the Securities Act. [2] The Commission’s decision in Re SPYru Inc., 2015 BCSECCOM 452 includes orders under section 161(1)(g) of the Act. The facts in the decision raise issues that the Court of Appeal considered in the judgment. As the decision predates the judgment, the section 161(1)(g) orders in the decision were made without the benefit of the principles established by the judgment. [3] It is in the public interest that a section 161(1)(g) order that may be affected by the judgment be stayed until a party makes an application to the Commission under section 171 to lift the stay or to vary or revoke the order. At that time, the Commission will consider whether the order is consistent with the judgment. [4] Considering that it would not be prejudicial to the public interest to do so, the Commission, under section 171 of the Act, varies the decision by staying the order in: a. subsection 125(4) against Cire, b. subsection 125(9) against Harris, c. subsection 125(17) against Kwasnek, d. subsection 125(21) against Burke, and 2 e. subsection 125(30). January 15, 2018 For the Commission Brenda M. Leong Nigel P. Cave Chair Vice Chair
Posted by Bushwacker at 2018-05-17 12:12
BCSC is a sham? Copy and paste this url and judge it for yourself. BCSC intentionally with-held evidence in this case until they were ordered to disclose it the BC OIPC Order F15-08 https://www.oipc.bc.ca/orders/1760
This is just normal due course process at BCSC.
Posted by Bushwacker at 2018-05-17 12:22
BCSC commissioner Wiltshire (the chair of above decision). She has had 3 of her decisions over turned by the BC Appeal Court. See BC Court of Appeal File # CA44114, CA042714 and CA043449. File CA043449 has been scrubbed by BCSC but is available at this URL http://bcsecuritiescommissionasham.blogspot.ca/2017/03/case-43449-bc-court-of-appeal-missing.html
Wiltshire's appointment is illegal as of July 2014 so she is committing fraud by collecting any wages or payments from BCSC. Was she ever qualified to sit as a commissioner? Furthermore was her appointment a payoff from the previous Liberal government?
Posted by Bushwacker at 2018-05-17 12:25
BCSC is a sham? Copy and paste this url and judge it for yourself. BCSC was ordered by the BC Appeal Court not to do snake oil accounting in this case, but as the above decision proves that BCSC still beilieves in snake oil accounting. http://www.courts.gov.bc.ca/jdb-txt/ca/17/02/2017BCCA0207cor1.htm
This is just normal due course process at BCSC. Welcome to the stock markets, where the regulators make 40 to 50,000 per month all in the name of public interest.
Posted by Bushwacker at 2018-05-17 12:28
BCSC is a sham? Copy and paste this url and judge it for yourself. BCSC scrubbed another BC appeals case that they had lost. http://bcsecuritiescommissionasham.blogspot.ca/2017/03/case-43449-bc-court-of-appeal-missing.html
Posted by Bushwacker at 2018-05-17 12:29
Self serving, government buffoons at work, all disguised in the public interest.
Posted by Bushwacker at 2018-05-17 12:30
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