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Gold/Mining/Energy : PROMOTERS - The Good, The Bad and The ...
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To: John Barendrecht who wrote (22)3/4/1997 3:33:00 PM
From: John Barendrecht   of 114
 
VSE-listed firms can't deal with Florida stock promoter
Suspension imposed due to George Chelekis' problems with U.S. regulators.

David Baines, Sun Business Reporter
The Vancouver Sun

Florida stock tipster George Chelekis has been banned from the Vancouver Stock Exchange.

VSE surveillance director Angela Huxham said Monday that, due to Chelekis' problems with U.S. securities regulators, the exchange will prohibit any of its listed companies from dealing with him.

Last week, Chelekis agreed to pay more than $162,000 US to settle allegations by the U.S. Securities and Exchange Commission that he failed to adequately disclose payments from public companies to tout their shares.

The SEC said Chelekis -- who published in newspapers and on the Internet under the Hot Stocks banner -- received at least $1.1 million in cash and 275,500 common shares from more than 150 companies to promote their stocks.

Many of these companies were listed on the VSE.

Without admitting or denying guilt, Chelekis and his companies agreed to disgorge $75,050 in profits, pay an equivalent penalty and $12,267 in interest.

Huxham said that, under the exchange's standard listing agreement, it can impose the same standards of conduct on people who provide business services to listed companies, as it does on directors and officers of those companies.
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