Welcome!

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    was revoked.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
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.