VANCOUVER, Dec. 18, 2012 /CNW/ - A British Columbia Securities
Commission panel has ruled that the commission has jurisdiction to hear
allegations made in a notice of hearing against a Swiss national
alleged to have instructed and paid a BC man to tout shares of a
company quoted on the Over-the-Counter Bulletin Board (OTCBB) in the
On July 31, 2012, Erwin Thomas Speckert was named in a notice of hearing
issued by commission staff. Speckert, the managing director of a Swiss
company called Everest Asset Management, was alleged by commission
staff to have facilitated the secret promotion of, among other
companies, Guinness Exploration Inc. Shares of Guinness Exploration are
quoted on the OTCBB.
On November 13, 2012, Speckert applied for an order to quash the notice
of hearing against him on the basis that the commission does not have
the jurisdiction to hear the allegations. Alternatively, Speckert
argued that the commission ought not to exercise jurisdiction as it
would not be in the public interest to do so.
The panel ruled that the allegations against Speckert are "sufficient to
establish a real and substantial connection with British Columbia", and
that the commission thereby has jurisdiction to hear the allegations.
Additionally, the panel ruled that Speckert failed to demonstrate that
it is not in the public interest for the commission to exercise this
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 Erwin Thomas Speckert or 2012 BCSECCOM 477 in the search
box. Information regarding disciplinary proceedings can be found in
the Enforcement section of the BCSC website.
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE: British Columbia Securities Commission
For further information:
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713.For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).