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by Mike Caswell

Irwin Boock, the Toronto man accused of hijacking the identities of 43 inactive pink sheets companies and selling them as shells, has agreed to pay $270,300 to settle an Ontario Securities Commission case that arose from the scheme. The settlement, contained in an administrative order dated Friday, Feb. 10, permanently bans Mr. Boock from trading any securities and from acting as a director, officer or promoter of any public company.

The penalties stem from a scheme in which Mr. Boock, 55, and others stole the identities of inactive pink sheets companies by filing false paperwork with the Cusip Bureau and multiple secretaries of state. They then sold the companies as shells to various buyers between 2003 and 2007. One went on to become Toronto Stock Exchange listing Paramount Gold and Silver Corp., and another became Surrey-based pink sheets listing World Hockey Association Corp. (There were no allegations of wrongdoing against the companies themselves.) In settling the case, Mr. Boock agreed to disgorge $145,300 in illegal gains, to pay a $70,000 administrative penalty and to pay hearing costs of $55,000.

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