News Release

Vancouver – A British Columbia Securities Commission panel has ruled that the commission has jurisdiction to hear allegations made in a notice of hearing against a Swiss national alleged to have instructed and paid a BC man to tout shares of a company quoted on the Over-the-Counter Bulletin Board (OTCBB) in the United States.

On July 31, 2012, Erwin Thomas Speckert was named in a notice of hearing issued by commission staff. Speckert, the managing director of a Swiss company called Everest Asset Management, was alleged by commission staff to have facilitated the secret promotion of, among other companies, Guinness Exploration Inc. Shares of Guinness Exploration are quoted on the OTCBB.

On November 13, 2012, Speckert applied for an order to quash the notice of hearing against him on the basis that the commission does not have the jurisdiction to hear the allegations. Alternatively, Speckert argued that the commission ought not to exercise jurisdiction as it would not be in the public interest to do so.

The panel ruled that the allegations against Speckert are “sufficient to establish a real and substantial connection with British Columbia”, and that the commission thereby has jurisdiction to hear the allegations. Additionally, the panel ruled that Speckert failed to demonstrate that it is not in the public interest for the commission to exercise this jurisdiction.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Erwin Thomas Speckert or 2012 BCSECCOM 477 in the search box.  Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

For media inquiries, contact Richard Gilhooley, media relations, 604 899 6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).

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