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by Mike Caswell

The U.S. Securities and Exchange Commission has won a largely symbolic $3.1-million penalty against Vancouver-linked Norstra Energy Inc. after it falsely claimed to have access to millions of barrels of oil. (All figures are in U.S. dollars.) The SEC said that the stock went to $2.06 from 35 cents in 2013 as the company issued misleading reserve calculations. Norstra issued the figures at the same time as a spam campaign made "wildly optimistic" projections about the company.

The fine is contained in a judgment handed down by New York Judge William Pauley on Sept. 20, 2016. In addition to the fine, he entered an injunction barring future violations. The sanctions represent a penalty by default, as Norstra did not answer the case. The fine carries little actual weight, with Norstra being all but defunct. The stock was last at 0.01 cent and in its most recent financial results, for the period ended Nov. 30, 2013, the company listed $172,200 in current assets.

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