In an August 16 release, the British Columbia Securities Commission (BCSC) announced a panel decision to permanently ban Gordon Brent Pierce from the province's capital markets, citing a history of securities misconduct in BC and in the US.
According to the statement, the BC resident is the subject of two orders issued by the US Securities and Exchange Commission in 2009 and 2011, which include sanctions for securities-related misconduct in the US.
Pierce has also been sanctioned by the BCSC before. He entered into a settlement agreement with the commission on June 8, 1993.
Part of the settlement was an order prohibiting Pierce “from acting as a director or officer of a reporting issuer and [doing the same] in any company that provides management and administrative, promotional or consulting services to any reporting issuer” for 15 years. It also removed his ability to rely on trading exemptions for the same period.
Citing “a grave risk to B.C.'s capital markets” posed by Pierce, the panel said:
“[I]t is significant that Pierce's misconduct in the US occurred during the time period in which his sanctions from this Commission were operative. Rather than being deterred by our order, he simply carried on with securities related misconduct in another jurisdiction. This suggests that Pierce will not allow himself to be regulated.”
Pierce has been ordered to resign from any director or officer positions he holds in any issuer or registrant, and is permanently banned from pursuing or acting in such positions. He is also permanently banned from “trading in or purchasing any securities or exchange contracts, becoming or acting as a registrant or promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities”.
Securities law violators agree to ASC sanctions
ASC to investors: Stay away from Bristol Financial