08:25:34 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



SEC obtains court order to collect from Pierce

2016-12-08 10:59 ET - Street Wire

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

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

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.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed