VANCOUVER, Dec. 17, 2012 /CNW/ - A British Columbia Securities
Commission panel has permanently banned a B.C. man from the province's
capital markets for committing fraud by knowingly making materially
false statements to entice investors to invest in a company he
The panel found that between 2008 and 2011, Myron Sullivan II (aka Fred
Myron George Sullivan) knowingly made false statements while promoting
Global Response Group Corp. (GRG), a B.C.-based company that Sullivan
claimed was in possession of oil spill clean-up and fire fighting
technology. Sullivan is the director, President and Chief Executive
Officer of GRG.
The panel also found that Sullivan used International Marketing of
Canada Corp. (IMC), another B.C.-based company, to receive money from
persons who invested in GRG. Sullivan is a director and officer of IMC.
Sullivan raised approximately $1.74 million from 97 investors by selling
GRG shares from his personal holdings, which he acquired directly from
GRG. In its decision, the panel found that these shares were illegally
distributed as Sullivan did not file a prospectus in respect of any of
his distributions, and no exemptions from prospectus requirements were
Noting that "misrepresentation and fraud strike at the integrity and
reputation of our markets", the panel found that Sullivan repeatedly
made false statements to investors in order to entice them to invest in
GRG. He told them that GRG would soon go public and be traded at a
specified price, and that the company had sold its technology to the
Chinese National Petroleum Company. None of this was true.
For his misconduct, Sullivan GRG and IMC are permanently banned from
trading in securities, purchasing securities or exchange contracts and
from becoming or acting as a director or officer of any issuer or
registrant. They are also permanently prohibited from becoming or
acting as a registrant, investment fund manager or promoter, from
engaging in investor relations activities, and from acting in a
management or consultative capacity in connection with the securities
The panel also ordered the respondents to pay to the commission the
$1,739,225 they obtained as a result of their contraventions of the
Act. Furthermore, Sullivan must pay an administrative penalty of
$700,000. GRG and IMC are jointly and severally liable for this amount.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the decision on our website, www.bcsc.bc.ca, by typing Sullivan, Global Resource Group Corp, International
Marketing Group of Canada Corp. or 2012 BCSECCOM 464 in the search
box. 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).
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE: British Columbia Securities Commission
For further information:
contact Richard Gilhooley, media relations, 604-899-6713.For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).