2010 BCSECCOM 79

1. Ruthven is a 63-year old resident of Mission, British Columbia.

2. Frey Mining Company Ltd. (Frey Mining) is a Nevada company. It offered for sale a security that promised to give investors a percentage of the future sale proceeds of gold and precious metals from a Utah mine (the Frey Mining Security).

3. Moenkopi Resources Inc. (Moenkopi) is a Nevada company. It offered for sale a security that purported to allow investors to receive ten times their initial investment upon Moenkopi receiving its first payment from a high-yield private placement program (the Moenkopi Security).

4. Mercury Capital S.A. (Mercury) is a Turks and Caicos company. It offered for sale a security that purported to allow investors to participate in a high-yield non solicitation feeder program. Mercury promised to pay investors 25% per month for four months with the return of all principal at the end of the fourth month (the Mercury Security).

5. Between 2002 and 2006 (the Relevant Period), Ruthven solicited his friends and acquaintances to purchase the securities of Frey Mining, Moenkopi and Mercury (the Companies).

6. During the Relevant Period, Ruthven was not registered to trade securities under the Act.

7. The Companies have never filed a prospectus to distribute their securities under the Act.

8. The Companies sold at least USD $1,081,572 of their securities to at least 33 investors. Ruthven helped sell USD $497,000 to 11 investors (the Distributions).

9. Ruthven received USD $29,775 in commissions for bringing in investors for the Companies.

10. Ruthven invested USD $25,000 in Frey Mining and Mercury Securities. He has not recovered any money on his Frey Mining investment and only recovered USD $5,000 on his Mercury investment.

11. By helping to solicit and facilitate the Distributions, Ruthven:

(a) traded in securities without being registered, contrary to section 34(1) of the Act; and

(b) distributed securities without filing a prospectus, contrary to section 61 of the Act.

12. Ruthven acted contrary to the public interest by engaging in the conduct set out above.

13. Ruthven undertakes to pay $18,000 to the Commission in settlement of this matter.

1. under section 161(1)(b) of the Securities Act, RSBC 1996, c. 418, Ruthven cease trading in and be prohibited from purchasing any securities, except that he may trade and purchase securities through one account in his own name through a registered representative if he provides a copy of this Order to the registered representative before any trade;

2. under section 161(1)(d)(i) and (ii) of the Act, Ruthven be prohibited from becoming or acting as a director or officer of any issuer except a private issuer in which he or members of his family are the sole shareholders; and

3. under section 161(1)(d)(v) of the Act, Ruthven be prohibited from engaging in investor relations activities

for a period of five years from the date of the Order.

David Malcolm Ruthven

1. under section 161(1)(b) of the Securities Act, RSBC 1996, c. 418, Ruthven will cease trading in and be prohibited from purchasing any securities, except that he may trade and purchase securities through one account in his own name through a registered representative if he provides a copy of this Order to the registered representative before any trade;

2. under section 161(1)(d)(i) and (ii) of the Act, Ruthven be prohibited from becoming or acting as a director or officer of any issuer except a private issuer in which he or members of his family are the sole shareholders; and

3. under section 161(1)(d)(v) of the Act, Ruthven be prohibited from engaging in investor relations activities

for a period of five years from the date of the Order.