News Release

BCSC panel issues large fines and permanent bans against two individuals for fraud

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Vancouver - A British Columbia Securities Commission (BCSC) panel has permanently banned Richard Lian (also known as Richard Terry Ruuska) and Enna M. Keller from B.C.'s capital markets for fraud and breaches of cease trade and temporary orders. In the same decision, the panel also ordered permanent bans against EagleMark Ventures, LLC and Falcon Holdings, LLC for breaching the same cease trade and temporary orders. The panel also found that Keller engaged in unregistered trading without an exemption.

In August 2016, the panel found that Lian and Keller raised approximately US$3.2 million from roughly 315 investors by offering securities relating to Lexicon Building Systems Ltd., a manufacturing company that has been the subject of a cease trade order (CTO) by BCSC staff since October 2009.  

Lian and Keller told investors that the money raised would be used to fund various operating costs, debts, and liabilities of Lexicon while Lian worked to remove the company from bankruptcy and get the CTO revoked. Lexicon did not authorize Lian and Keller's activities.

The panel found that Lian spent about US$600,000 of the US$3.2 million raised on Lexicon's debts, expenses and other liabilities, and repaid approximately US$180,000 to investors who demanded return of their funds. The balance of approximately US$2.4 million was almost entirely spent by Lian on matters unrelated to Lexicon.  

In its decision, the panel stated "Several investor witnesses testified to their sense of dismay and betrayal and the impact of their losses on them and their family and friends who also suffered losses."

For their misconduct, Lian and Keller have been permanently banned from trading in or purchasing any securities or exchange contracts, becoming or acting as a director or officer of any issuer or registrant, becoming or acting as a registrant or promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities. Lian and Keller have each been ordered to pay administrative penalties of $2.42 million. Lian has also been ordered to pay a disgorgement order of US$2.4 million. Lian, EagleMark, and Falcon are jointly and severally liable for this disgorgement amount.

The panel also ordered that securities of EagleMark and Falcon be permanently cease-traded. Both companies are permanently banned from purchasing securities or exchange contracts; being a registrant, investment manager or promoter; and engaging in investor relations.

You may view the sanctions decision on our website by typing Richard Lian, Enna M. Keller, EagleMark Ventures, LLC, Falcon Holdings, LLC or 2017 BCSECCOM 42 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

About the British Columbia Securities Commission (

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

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Media Contact:
Alison Walker

Public inquiries:
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