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Gold/Mining/Energy : Pacific Rim Mining V.PFG -- Ignore unavailable to you. Want to Upgrade?

To: Bill Jackson who wrote (13773)	10/2/2000 10:53:47 AM
From: DeplorableIrredeemableRedneck	Read Replies (1) \| Respond to of 14627

Wasn't this Hartvikson fellow a contributor to a PFG PP once upon a time? BCSC says broker-owners of Cartaway Resources in a conflict of interest Finds Hartvikson, Johnson withheld information from clients and the market (October 2 - 09:45 ET) - The B.C. Securities Commission has found that former First Marathon Securities Ltd.(FMSL) brokers Robert Hartvikson and Blayne Johnson were in a conflict of interest, failed to act in the best interests of their clients and took personal advantage of their role in managing Cartaway Resources. A decision on sanctions will be made after hearing from the parties. Written submissions will be filed with the commission by November 10. The commission can make orders barring the respondents from the securities market in B.C., prohibiting them from acting as directors or officers of companies or requiring them to pay administrative penalties and costs of the hearing. The BCSC found Hartvikson and Johnson acted in their own interest by withholding information from clients and the market while acquiring large blocks of Cartaway shares. Trading reports show that Johnson and Hartvikson personally made more than $5.1 million by trading in Cartaway shares while the two were employed at First Marathon's Vancouver office. Hartvikson and Johnson were among a group of eight FMSL brokers who bought control of Cartaway, and acquired a group of Voisey's Bay claims for the firm during a major staking rush as a result of the Diamond Fields Resources Inc. discovery. The stock took off on mineralization reports that later proved to be false, crashing the stock in its wake. "The issue here is simply whether Hartvikson and Johnson, as registrants and employees of First Marathon, acted fairly, honestly and in the best interests of the clients of First Marathon, including Cartaway," the commission said in its decision. "We find they did not. As a consequence, we find that they breached their duties as registrants and employees of First Marathon. By favoring their own interests to the prejudice of those to whom they owed a duty to act fairly, honestly and in their best interests, Hartvikson and Johnson acted contrary to the public interest." The Cartaway affair has already been a costly one. To settle this case FMSL has paid a $3.5 million fine and $500,000 in investigation costs to the Toronto Stock Exchange. Lawrence Bloomberg, FMSL president and CEO, paid a $250,000 fine. Stuart Henry, FMSL vice president agreed to a $485,000 fine and four-month suspension. Robert Disbrow, FMSL vice-chair and former Vancouver branch manager, agreed to a $110,000 fine and three-month suspension. The firm also reached a settlement with the Alberta Securities Commission, paying a $200,000 administrative penalty and $50,000 in investigative costs. It also reached a settlement with the BCSC, donating $450,000 to the Mineral Deposit Research Fund at the University of B.C. as well as $50,000 in investigative costs. Two other former FMSL brokers agreed to $25,000 administrative penalties. One of the brokers who served as FMSL's Calgary branch manager and as president of Cartaway agreed to pay a $100,000 administrative penalty and $25,000 in investigative costs. -IE Staff For more please see : newswire.ca