CALGARY, April 13, 2012 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate orders imposed by the British Columbia Securities Commission (BCSC) against Robert Lee Flickinger II (aka Robert Reynolds), Northern Pipeline Resources Ltd., Lavaca III Limited Partnership, Gulf Coast Basin Limited Partnership, Gulf Coast Basin Operating Ltd. and Ridgeline Energy, Ltd.
In an October 18, 2011 decision, the BCSC ruled that Flickinger committed a fraud when he sold securities in two B.C. companies to more than two hundred investors including 98 Albertans. Flickinger, a United States citizen, operated in British Columbia under an assumed name to hide his identity and regulatory history in the United States.
The BCSC panel found that between February 2008 and March 2010, Flickinger sold limited partnership units in Lavaca III Limited Partnership and Gulf Coast Basin Limited Partnership, promising that investors' money would be used for the acquisition and production of oil and gas properties. None of the money was used for that purpose.
The BCSC panel permanently banned Flickinger from the British Columbia market and ordered him to pay the BCSC the $6 million he obtained as a result of his illegal activity, as well as an administrative penalty of $12 million.
ASC staff seek reciprocation of the BCSC order prohibiting market participation to protect Alberta investors and the Alberta capital market.
It is anticipated that the ASC panel will consider this application in April 2012.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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