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SEC wins $7-million (U.S.) penalty for Pierce companies

2011-05-13 14:05 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-LXRS) Lexington Resources Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has secured a $7.2-million disgorgement order against Newport Capital Corp. and Jenirob Company Ltd., two private offshore companies controlled by Vancouver promoter Gordon Brent Pierce. (All figures are in U.S. dollars.) The penalty stems from the Lexington Resources Inc. promotion, in which the SEC claimed that Mr. Pierce and others sold millions of shares after paying for spam and newsletters to tout the stock.

The order comes two years after the SEC levied a separate $2.04-million administrative penalty against Mr. Pierce for the promotion. It claimed that he and others sold $13-million worth of improperly issued Lexington shares. In addition to the monetary penalties, he and an associate, Grant Atkins, were both barred from future violations.

Newport and Jenirob penalties

The current penalty is contained in a administrative order handed down on May 11, 2011, by Judge Cameron Elliot. It is a decision by default, as neither Newport or Jenirob responded to the case.

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Talk about being covered in horseshoes!!

Presuming that as usual Pierce held long and strong, at $10.6 million the sale works out to $11,000,800 (U.S.) at today's rate.

Didn't the Sun report, in late November of last year, that the house was up for sale? At November 15, 2010, that $10.6 million was only worth $10,465,700 (U.S.). A gain of $535,100 (U.S.) in that six-month hold period.

Good things come to those who wait (or to those who wait in Canada, at least).

Posted by Poetic Justice at 2011-05-13 16:53

Where to now, my blue-eyed son? Where will you go to, to rest in the sun?

The only talant that the United States seemingly tolerates is home-grown talant, where US citizens can predate, hide behind their passports and local congressmen/senators, and glean with impunity.

Will the Americans, flushed with the success of their bin Laden operation, now send their teams of SEALS into Canada to collect debts (or the debtors themselves) from those who dare not to enter the United States because of "concerns that *** could be arrested for **** role with another company"?

Sheesh, if I had $11,000,800 (U.S.) burning a hole in my pocket (but also having no get-out-of-jail-free opportunity), I'd be suing someone big time (in Canada, alas, at it's seemingly too risky to travel to the States), as you can buy a hell of a lot of real estate in the States at the moment for $11,000,800 (U.S).

Posted by pierced to the heart at 2011-05-13 22:52

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