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by Mike Caswell
The U.S. Securities and Exchange Commission has been granted an order in U.S. federal court as part of its effort to collect the administrative sanction it levied against Vancouver's Brent Pierce. On Tuesday, Dec. 6, a judge in San Francisco instructed Mr. Pierce to pay $7.24-million, plus interest. (All figures are in U.S. dollars.) The order formalizes administrative penalties that the SEC imposed on Mr. Pierce for the Lexington Resources Inc. scheme in 2011.
The order came without any substantial opposition from Mr. Pierce. Through his lawyer, he only objected to the judge entering any terms that would allow enforcement through civil contempt proceedings. (Penalties for contempt range from fines to jail.) He appears to have won that issue, at least somewhat, with the judge's order not including any specific enforcement provision. It only states that the court will retain jurisdiction for the purpose of enforcing the order, which means that the SEC would have to go back before the judge with a contempt application.
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