A Richmond man who was under a BC Securities Commission (BCSC) restrictions has been found to have breached a ban by acting as a de factor director of a private junior exploration company that was trying to develop an iron ore property in Chile.
A BCSC panel has found that William Raymond Malone was acting as the de facto director and officer for a company called Lion King Resources while still banned from doing so.
In 2009, Malone agreed in a settlement with the BSC to cease being a director or officer of any company trading in securities.
That ban resulted from a BCSC investigation into Malone’s involvement with a company called Canadian Rockport Homes International, http://canadianrockport.com/which had made misleading claims to potential investors, according to the BBSC.
Rockport Homes claims to have developed a low-cost approach to homebuilding that reduces the cost of housing, and claims to have projects in Chile and Mexico. It’s not clear if the company is still active, as its last financial filing was in 2008.
The BCSC panel ruled on August 3 that Malone had breached the ban as a result of his involvement in Lion King Resources, which Malone incorporated in 2010.
The BCSC panel found Malone had sold $5,000 worth of shares in Lion king, despite under restrictions from trading in securities. The panel ruled that the “evidence overwhelmingly supports the conclusion that Malone was acting as a de facto director or officer of Lion King during the relevant time."
Sanctions have not yet been made in the case. Hearings have been scheduled for later this year to determine the penalties Malone will face as a result of this week’s findings.
