Canadian Appeal Court Overturns Securities Ban
The British Columbia Securities Commission’s attempt to bar two Bermudian stockbrokers from trading stock in B.C. was overturned by the B.C. Court of Appeal.
The Vancouver Sun reports that: “The case dates back to December 2007, when the U.S. Securities and Exchange Commission filed a civil complaint alleging Brian and Scott Lines, principals of Bermuda-based brokerage firm Lines Overseas Management Ltd., had manipulated the share price of two U.S. penny stocks, Sedona Software Solutions Inc. and SHEP Technologies Inc.
“In October 2010, the Lines brothers and their firm settled the matter by neither admitting nor denying the allegations, but agreeing to disgorge $1,277,403 of their trading profits and pay prejudgment interest of $654,918.”
In April this year, the Canadian commission hearing panel was asked to issue reciprocal orders against the Lines brothers based on the SEC settlement agreement, and they agreed, however the two men appealed the decision to the B.C. Court of Appeal. Read the full report here on the Vancouver Sun.
