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by Mike Caswell
Texas lawyer William Stack, charged by the U.S. Securities and Exchange Commission for a scheme run by former Vancouverite William Scott Marshall, has reached a deal to settle the case out of court. The SEC claimed that Mr. Stack acted as a nominee for Mr. Marshall, serving as the figurehead chief executive officer for a company with a supposed gold mine in Arizona. The company attempted to raise $5-million based on that mine, the SEC claimed. (All figures are in U.S. dollars.)
Mr. Stack's settlement is contained in a proposed judgment filed in federal court in Texas on Thursday, Sept. 15. The judgment bars him from future violations and includes the possibility of a fine, with the judge to determine the amount. In entering the settlement, Mr. Stack did not admit any wrongdoing.
The settlement with Mr. Stack comes as part of an investigation that traces back to Mr. Marshall. The SEC previously charged him for promoting the same Arizona mine, albeit through another company. The SEC claimed that he hired phone salesmen to pitch the project as a $273-million operation. The company in that case was an OTC Markets listing called Intertech Solutions Inc., which reached a $1.81 high in 2014 before dropping to subpenny status. Mr. Marshall and another defendant, B.C. resident David Naylor, agreed to pay $7.6-million to settle that case out of court. Neither man admitted any wrongdoing.
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