Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, AppDynamics Blog, Roger Strukhoff, Elizabeth White, Liz McMillan

News Feed Item

British Columbia Securities Commission Executive Director's Bulletin: Securities Regulator Issues Amended Notice of Hearing Alleging Securities Fraud Against Two Individuals

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/28/14 -- The Executive Director of the British Columbia Securities Commission has issued an amended notice of hearing alleging that Enna M. Keller (Keller), a British Columbia resident, and Richard Lian (Lian) (a.k.a. Richard Terry Ruuska), a United States resident, breached several securities laws, including perpetrating a fraud against investors and a B.C. company.

The amended notice alleges that throughout 2010 and 2011, Lian and Keller raised approximately US$3.2 million by offering securities of Lexicon Building Systems Ltd., a manufacturing company that has been the subject of a cease trade order (CTO) by BCSC staff since October 2009. Lexicon also declared bankruptcy in 2009.

Lian and Keller offered the securities under a "Friends and Family" program (FFP). Lexicon management did not know about the FFP, but Lian and Keller led investors to believe that Lexicon management had authorized it. Keller, a former officer and director of Lexicon, told potential FFP investors the following:


--  they should wire money to Lian's company, EagleMark Ventures LLC
    (EagleMark), in Nevada,
--  the money would be used for the benefit of Lexicon and, in particular,
    to get the CTO revoked, and
--  they were supposed to get shares and warrants in Lexicon once the CTO
    was revoked.

Lian only used approximately US $500,000 for the benefit of Lexicon and refunded about US $180,000 to investors in response to their demands. Lian used the rest of investors' money for personal spending, including


--  payments for a Ferrari and other exotic cars
--  cosmetic surgery
--  luxury retail
--  over US $1 million in transfers to his personal account
--  almost US $200,000 in cash withdrawals

In December 2011, the Executive Director issued a temporary order and notice of hearing against EagleMark, Lian, and Keller. One of the requirements in the temporary order was that the parties cease trading in any securities.

However, Lian and Keller continued offering shares of Lexicon to the public under the FFP. They raised at least US $400,000 from investors after the date of the temporary order. To date, none of the FFP investors have received Lexicon shares or warrants.

Keller met with BCSC staff on a voluntary basis in November 2011. After the meeting, she sent emails including statements that BCSC staff had cleared her of wrongdoing, and that the BCSC had approved the FFP. These statements were false.

Keller is not registered to trade or sell securities in British Columbia. EagleMark has never filed a prospectus in B.C.

These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on April 1, 2014 at 9:00am.

You may view the amended notice of hearing on our website www.bcsc.bc.ca by typing EagleMark Ventures LLC, Falcon Holdings, Richard Lian, Enna M. Keller or 2014 BCSECCOM 74 in the search box. You may view the original notice of hearing by typing 2011 BCSECCOM 546. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:


--  A securities market that is fair and warrants public confidence
--  A dynamic and competitive securities industry that provides investment
    opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org.

Contacts:
British Columbia Securities Commission - Media Contact
Richard Gilhooley
Media Relations
604-899-6713

British Columbia Securities Commission
Public inquiries
604-899-6854 or 1-800-373-6393 (toll free)
www.bcsc.bc.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
Enterprises are turning to the hybrid cloud to drive greater scalability and cost-effectiveness. But enterprises should beware as the definition of “policy” varies wildly. Some say it’s the ability to control the resources apps’ use or where the apps run. Others view policy as governing the permissions and delivering security. Policy is all of that and more. In his session at 16th Cloud Expo, Derek Collison, founder and CEO of Apcera, will: Explain what policy is; Show how policy should be arc...
Announced separately, New Relic is joining the Cloud Foundry Foundation to continue the support of customers and partners investing in this leading PaaS. As a member, New Relic is contributing the New Relic tile, service broker and build pack with the goal of easing the development of applications on Cloud Foundry and enabling the success of these applications without dedicated monitoring infrastructure. Supporting Quotes "The proliferation of microservices and new technologies like Docker ha...
Even though it’s now Microservices Journal, long-time fans of SOA World Magazine can take comfort in the fact that the URL – soa.sys-con.com – remains unchanged. And that’s no mistake, as microservices are really nothing more than a new and improved take on the Service-Oriented Architecture (SOA) best practices we struggled to hammer out over the last decade. Skeptics, however, might say that this change is nothing more than an exercise in buzzword-hopping. SOA is passé, and now that people are ...
Information Technology (IT) service providers have historically struggled between the huge capital expenditure and long development cycles of building their own cloud versus the thin margins and limited flexibility of using public retailers such as Amazon Web Services (AWS). The emergence of wholesale cloud, and the technologies that make it possible, is revolutionizing how and by whom enterprise IT is delivered. Wholesale cloud is the game-changing third option between building your own (BYO) c...
Shipping daily, injecting faults, and keeping an extremely high availability "without Ops"? Understand why NoOps does not mean no operations. Agile development methodologies require evolved operations to be successful. In his keynote at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how Microsoft teams who have made huge progress with a DevOps transformation effectively utilize operations staff and how challenges were overcome. Regardless ...
You often hear the two titles of "DevOps" and "Immutable Infrastructure" used independently. In his session at DevOps Summit, John Willis, Technical Evangelist for Docker, will cover the union between the two topics and why this is important. He will cover an overview of Immutable Infrastructure then show how an Immutable Continuous Delivery pipeline can be applied as a best practice for "DevOps." He will end the session with some interesting case study examples.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...
For customers that want to build their own custom apps, Kony’s Enterprise Mobility Platform meets the development needs across the full mobile app development and operations (DevOps) lifecycle. This full DevOps solution encompasses unique app UI design tools (Kony Visualizer) and the leading multi-channel app dev tools (Kony Studio), empowered by Kony’s Mobile Backend as a Service (MBaaS) offering (Kony MobileFabric), as well as testing and analytics. It extends fully to the end user through the...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Data-intensive companies that strive to gain insights from data using Big Data analytics tools can gain tremendous competitive advantage by deploying data-centric storage. Organizations generate large volumes of data, the vast majority of which is unstructured. As the volume and velocity of this unstructured data increases, the costs, risks and usability challenges associated with managing the unstructured data (regardless of file type, size or device) increases simultaneously, including end-to-...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Actifio, the copy data virtualization company, today announced a series of new features and functional enhancements to better support the growing number of customers leveraging its virtual data pipeline technology in support of DevOps use cases. While infrastructure is increasingly seen as a commodity inside large enterprises, applications – where the technology touches the business – are becoming more strategic. Managing the flow of data that powers those applications presents a range of cha...