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by Mike Caswell
The U.S. Securities and Exchange Commission has asked a judge to impose $761,293 in sanctions and a permanent ban on William Stack, a Texas lawyer who acted as a nominee for former Vancouverite William Scott Marshall in an OTC Markets scheme. (All figures are in U.S. dollars.) The SEC says that Mr. Stack agreed to be an officer of a supposed gold company. He then helped raise money from investors, misappropriating some for himself while sending the remainder to Mr. Marshall, according to the SEC.
The proposed penalties for Mr. Stack are contained in a motion that the SEC filed on Friday, Oct. 7, in federal court in Texas. The regulator is seeking a court order permanently barring him from penny stocks and from serving as an officer or director. The SEC is also asking that the judge bar him from some forms of securities law. The proposed $761,293 penalty includes disgorgement of $331,110, plus interest, along with a $331,110 fine. There was no trial for Mr. Stack, as he settled the matter of liability out of court, leaving his penalties for the judge to determine. In reaching that settlement, he did not admit any wrongdoing.
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