BCSC Releases Decision On Lieberman Internet Misrepresentations
The British Columbia Securities Commission has imposed a $50,000 fine and a lifetime ban from securities trading and from being a director or officer on Philip Lieberman for illegally promoting the shares of American Technology Exploration Company (ATEC) through a World Wide Web site on the Internet. The Commission found that Lieberman caused ATEC to contravene the Securities Act by misrepresenting its affairs in the Internet promotion and that he personally contravened two previous orders banning him from trading in British Columbia.
The Commission also imposed a 5 year ban on Philip Lieberman's son, Marc Lieberman, ordered that all trading cease in ATEC shares, and ordered that ATEC and the two Liebermans pay costs of the Commission's investigation and hearing.
ATEC is a Nevada company that operates from an office in British Columbia. Its shares are quoted on the Over the Counter Bulletin Board in the United States. Philip and Marc Lieberman are the directors.
The Commission found that ATEC, on the direction of Philip Lieberman, established a Web site containing "glowing descriptions of ATEC's Nevada mineral property and its future prospects, together with information about ATEC shares and how to buy them". The Commission said that "the descriptions in the Web site of ATEC, its property and its management were riddled with false and misleading statements."
The Commission concluded that:
ATEC used the modern technology of the Internet for an old fashioned purpose -- promoting its shares with outrageous misrepresentations.
In its decision the Commission directed that copies of its decision be provided to the relevant securities and mining authorities in the United States to alert them.
The British Columbia Securities Commission is a provincial government agency responsible for regulating trading in securities and exchange contracts.
Copies of the Commission decision (11 pages) may be obtained in person at 200 - 865 Hornby Street, Vancouver, British Columbia.
For further information, contact Barbara Barry at 604-899-6500 or 1-800-373-6393 (BC only) or via inquiries@bcsc.bc.ca |
