|By PR Newswire||
|November 22, 2012 11:43 AM EST||
TORONTO, Nov. 22, 2012 /CNW/ - A panel of the Ontario Securities Commission (OSC) today released its Reasons and Decision on Sanctions and Costs, permanently banning Richvale Resource Corp. (Richvale) and its president, Pasquale Schiavone (Schiavone), from trading in securities for their roles in a mining fraud that bilked 27 Canadian investors out of $753,000.
In today's decision, the OSC panel observed that "the Respondents cannot be trusted to participate in the capital markets." Accordingly, the OSC panel ordered that Schiavone pay an administrative penalty of $300,000. Schiavone and Richvale were also ordered to jointly and severally pay a further $378,666 in disgorgement and costs.
The OSC panel found in its decision on the merits, released April 25, 2012, that of the $753,000 raised from investors, Richvale used only 6 per cent of that amount for mining claims. The remainder of the Richvale investor funds went to cash withdrawals, sales commissions, payments to directors, officers or employees, and undocumented loans to friends of employees. According to the OSC panel, "Richvale had no underlying legitimate business."
The remaining respondents in this matter, who settled with the Commission on October 14, 2011, were ordered to disgorge the remainder of the funds obtained as a result of the fraud.
A copy of the Reasons for Decision on Sanctions and Costs are available on the OSC website at www.osc.gov.on.ca.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC's investor materials available at www.osc.gov.on.ca
SOURCE Ontario Securities Commission
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