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by Mike Caswell

The B.C. Securities Commission has permanently banned Colin Heatherington, the Vancouver Island man jailed in the United States for the $215-million Absolute Capital Management Holdings Ltd. fraud from 2007. (All figures are in U.S. dollars.) The B.C. ban is based entirely on the U.S. case against Mr. Heatherington, in which prosecutors claimed that he and others defrauded investors through a "portfolio-pumping" operation that involved manipulating U.S.-listed penny stocks. Mr. Heatherington realized millions of dollars in gains, which he spent on travel, a $7.4-million house and the joint purchase of a yacht with his co-accused, which the men named "No Remorse."

The ban for Mr. Heatherington, 51, is contained in an administrative order that the BCSC released on Wednesday, Jan. 14. The order permanently bars Mr. Heatherington from trading, except in limited circumstances through registered accounts. He is also barred from serving as an officer or director and from engaging in promotional activities.

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