The B.C. Securities Commission has levied the final sanctions against Robert Pierre Lamblin and Leonard William Friesen, in its case involving Canadian Global Investment Corp. The Langley, B.C.-based mutual fund dealer sold $20 million in “speculative, illiquid and highly risky” securities to nearly 200 clients, most of whom lost their money.

Lamblin was one of the principals in the business and Friesen was a fund salesman who sold some of the high-risk securities.

The commission ruled to defer administrative penalties against Lamblin, who was banned from trading in the securities market for 15 years under the Securities Act in May 2003. Friesen’s $20,000 fine has been reduced to $5,000. The BCSC says the reduced fine along with a two-year restriction from the securities industry will adequately prevent Friesen from market misconduct. Friesen was banned from trading for two years by the commission in November 2002.

Canadian Global Investment is insolvent and has not been registered as a mutual fund dealer since mid-February, 2001.