Source: The Canadian Press
The British Columbia Securities Commission has sanctioned three former directors of PanTerra Resource Corp. (TSXV:PRC) for defrauding the company through a stock purchase scheme and ordered them to pay a total of $360,000 in penalties.
The heaviest sanctions fall on Giuliano Angelo Tamburrino, who is permanently banned from being a corporate officer or director. He’s also banned from certain investment-related jobs.
The BCSC is also handing Tamburrino in $180,000 in administrative penalties, about half of the total.
Two other former PanTerra directors, Dale Michael Paulson and Andrew Gordon Walker, have been banned from buying securities or eachanging contracts. Paulson was ordered to pay $120,000 and Walker to pay $60,000.
A BCSC panel determined in July that the three men committed fraud when they wrongfully bought shares of PanTerra with $86,000 from the company with the intention of selling other shares and keeping the proceeds for themselves.
BCSC orders three former Panterra directors to pay $360,000 for defrauding company
IE Staff