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by Mike Caswell

William Stack, a Texas lawyer who claimed he was set up to "take the fall" by Vancouver's William Scott Marshall in an OTC Markets scheme, has appealed a fine and ban that he received. The U.S. Securities and Exchange Commission claimed that Mr. Stack was the president of a company that raised $5-million based on a supposed $273-million mine. (All figures are in U.S. dollars.) He presided over the company as it made misleading claims about royalties and other mining assets, the SEC said.

Mr. Stack's appeal is contained in a one-line notice filed in federal court in Texas on Wednesday, May 3. He is appealing a decision that the SEC won on March 8, 2023, when a judge ordered him to pay $666,220 and imposed an order permanently banning him from serving as an officer and director and from providing legal services in connection with securities offerings. There was no trial, as Mr. Stack had accepted liability for the scheme, leaving the matter of his penalties for the judge to determine. In doing so, he did not admit to any wrongdoing.

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