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B.C. regulator fines group of four a total of $26 million for Ponzi scheme

From The Canadian Press, October 26, 2009 - 6:17 p.m.

B.C. regulator fines group of four a total of $26 million for Ponzi scheme

By The Canadian Press

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VANCOUVER, B.C. - The British Columbia Securities Commission levelled its largest fine ever on Monday as it ordered a group of four people pay a total of $26 million in fines and to repay $16 million in connection with a Ponzi scheme.

The provincial regulator said Hal McLeod has been ordered to pay an $8-million fine, while David Vaughan, Dianne Rosiek and Kenneth McMordie were each ordered to pay $6 million.

The securities commission panel also ordered the group repay the $16 million the scheme took from investors.

In addition, the panel banned McLeod, Vaughan, McMordie, and Rosiek from trading securities or exchange contracts and from being a manager or consultant in connection to the securities market.

They are also prohibited from being a director or officer of any issuer, registrant or investment fund manager, being a registrant, investment fund manager or promoter, and from engaging in investor relations activities.

In August, the panel found McLeod created the Manna scheme and later expanded with the help of Vaughan, McMordie and Rosiek before it collapsed in 2007.

Manna's 800 investors lost up to US$13 million.

"Nothing strikes more viciously at the integrity of our capital markets than fraud, and this case represents a particularly aggressive and flagrant assault on the public's confidence in our markets," the securities commission panel said.