News Release

Released: 04/03/00

Vancouver – The British Columbia Securities Commission has banned Claudio Persiani from the B.C. securities market for 10 years after he admitted to defrauding B.C. investors of $26,000.

Persiani, who is not registered to sell securities, pleaded guilty to three criminal counts of theft involving funds he took from investors between January 1994 and March 1997. He was sentenced to a six month conditional sentence and three years probation.

He told the investors that because he was a promoter of each of the issuers he could purchase the securities for the investors at lower than market price. Persiani never purchased the securities, however, although he told the investors he was holding the securities on their behalf. Instead, he deposited the investors’ funds into his own bank account or brokerage accounts to cover his personal debits.

Persiani provided partial restitution of $10,500 to investors who demanded a return of their funds. As part of his court sentence, Persiani agreed to pay the balance of about $15,000 in restitution to the investors at $400 a month.

Under the commission ban, Persiani is prohibited from trading in securities until 2010, and is barred from engaging in investor relations or acting as a director or officer of any issuer in the province during the same period.

In an Agreed Statement of Facts with Persiani, the Executive Director said he took into account several factors mitigating the sanctions which would otherwise have been applied in the public interest, including administrative penalties.

Those factors included the fact Persiani did not make a profit using the investors’ money, that he entered a guilty plea in court on March 13, 2000 and is required to fully repay the investors and that it is in the public interest to allow that restitution to be completed.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. The Agreed Statement of Facts can be viewed on the commission’s Web site (www.bcsc.bc.ca) under Enforcement Orders or by contacting Communications Manager Michael Bernard at (604) 899-6524.