PROMOTERS - The Good, The Bad and The ... Message Board

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Gold/Mining/Energy : PROMOTERS - The Good, The Bad and The ...

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To: Buckey who wrote (109)	3/2/1998 11:54:00 AM
From: Kent C.	Read Replies (1) of 114

VSE fines former broker $120,000 From: canoe.ca Saturday, February 28, 1998 VSE fines former broker $120,000 By KEITH DAMSELL The Financial Post The Vancouver Stock Exchange has slapped a former broker at Union Securities Ltd. with a $120,000 fine for a long list of violations, including unauthorized trading and a complex stock manipulation scheme. In 1991 and 1992, David Norman Gilbert opened up three U.S. client accounts without proper authorization. Through the direction of Oklahoma businessman Charles Bazarian, Gilbert made more than 300 transactions without proper approval of the account owner. Several stocks were bought and sold at rigged prices between accounts held by the two men, creating a false market for the securities involved.Then in 1993 and 1994, Gilbert carried out a complex trading scheme to boost the value of mining junior Wedgewood Resources Ltd. Through computer trading, he moved the stock through 15 client accounts under his control. The accounts were responsible for 70% of all new highs set by Wedgewood as it climbed from 50› to $2.70. In addition to the fine, Gilbert must return $71,000 in profit and pay $40,000 in investigative costs. The former broker has also agreed to a permanent trading ban on the exchange.

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