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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $666,220 judgment against William Stack, a Texas lawyer who was part of a scheme involving a supposed Arizona gold mine and former Vancouverite William Scott Marshall. (All figures are in U.S. dollars.) The SEC said that Mr. Stack served as a nominee officer for Preston Corp., a company that Mr. Marshall promoted through a boiler room. The company attempted to raise $5-million based on a supposed $273-million mine, the SEC claimed.

The penalty for Mr. Stack is contained in an order handed down on Wednesday, March 8, in federal court in Texas. The $666,220 includes disgorgement of $331,110 in gains, plus a fine in the same amount. (Mr. Stack must also pay interest on the gains, but the SEC has yet to calculate the amount.) In addition, the judge has permanently banned Mr. Stack from penny stocks and from providing legal services in connection with securities offerings. He is also permanently barred from serving as an officer or director.

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