2019/01
January 9, 2019
Vancouver
– Renee Michelle Penko has been sent to jail for 30 days after failing to
attend a court hearing during the British Columbia Securities Commission’s
(BCSC) efforts to collect her outstanding fines.
In its 2016 sanctions decision (2016 BCSECCOM 283),
the BCSC ordered Penko to pay an administrative penalty of $40,000 and to
disgorge $155,000. Penko has not paid her fines, and the BCSC has been
persistent in taking steps to collect them.
After executing a writ of seizure and sale, which
resulted in no assets, and scheduling an examination in aid, which Penko did
not attend, the BCSC issued a subpoena to debtor to Penko on November 6, 2018. A subpoena to debtor is a collection step
that requires debtors to provide information about their financial situation
and can lead to a court-ordered payment plan.
On November 6, Penko failed to attend the subpoena to
debtor hearing. She was then required to appear in court on December 4, but she
did not. The BCSC then obtained an apprehension order from the court and on
December 31, Penko surrendered to the court. The judge found she was in
contempt and sentenced her to 30 days in jail. The court also ordered her to
appear before the court in New Westminster on January 30, 2019.
Penko, a former registrant, was a finder in a fraud
operated by Thomas Arthur Williams, a former registrant permanently banned for fraud
by a BCSC panel.
In its 2016 sanctions decision, in addition to issuing
fines, the BCSC imposed conditions on her registration, prohibited her from
purchasing or trading in securities, acting in a management or consultative
capacity in connection with the activities in the securities market, and
engaging in investor relations activities, all with exceptions. She was also
ordered to resign any position she holds as a director or officer of any issuer
or registrant. Her bans and supervision are to remain in effect until the later
of the date that she pays her monetary orders and August 17, 2020.
About the British Columbia
Securities Commission (www.bcsc.bc.ca)
The British
Columbia Securities Commission is the independent provincial government agency
responsible for regulating capital markets in British Columbia through the
administration of the Securities Act.
Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public
confidence
- A dynamic and competitive securities industry that
provides investment opportunities and access to capital
Media
Contact:
Brian Kladko
604-899-6713
Public
inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca
Learn how to
protect yourself and become a more informed investor at www.investright.org
