News Release
British Columbia Securities Commission confirms CDNX decision banning Owen D. Richman as a director
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Date:
2000-09-28 -
Number:
2000/41
Released: 09/28/00 Contact: Dean Pelkey
NR #00/41 (604) 899-6880 or
(BC only) 1-800-373-6393
Vancouver -- The British Columbia Securities Commission has confirmed a decision of the Canadian Venture Exchange (CDNX) that found Owen D. Richman unacceptable to the
exchange as a director or officer of any company listed on the exchange.
CDNX based its decision on Richman’s conduct while he was a director of U. S. Oil and Gas Resources Inc. and its predecessor companies.
The exchange found that Richman caused the companies to pay finder’s fees to Vaughn Barbon without seeking exchange acceptance as required. It also found that Richman caused the companies to book the payments as fees for “public relations services” allegedly provided by Barbon’s wife, Michele Lavimodiere.
Richman appealed to the commission on the grounds that CDNX did not afford him basic procedural fairness and did not have sufficient evidence to reach its decision.
In upholding exchange's decision, the commission found that CDNX met the required standard of procedural fairness and that its decision was supported by the evidence.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the decision can be viewed in the documents database of the commission’s website www.bcsc.bc.caor by contacting Media Relations Officer
Dean Pelkey at 899-6880.