British Columbia Securities Commission

British Columbia Securities Commission

October 12, 2010 08:30 ET

BCSC Panel Sanctions Three Former Directors Who Committed Fraud

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2010) - A British Columbia Securities Commission panel has issued bans against three former directors of a TSX Venture Exchange (TSX-V) listed company, and ordered them to pay administrative penalties totalling $360,000 for their misconduct.

On July 12, 2010, a commission panel found that Giuliano Angelo Tamburrino, Andrew Gordon Walker, and Dale Michael Paulson, all directors of Panterra Resource Corp., perpetrated a fraud on the company. The panel found the men committed fraud when they took over $86,000 from Panterra to buy shares for themselves from a third party and sold other wrongfully-issued shares with the intention of keeping the proceeds for themselves.

Additionally, the panel found that the three men – all of whom the TSX-V also sanctioned for their misconduct in this matter – authorized, permitted, or acquiesced to the company's filing of false and misleading financial statements.

"We have observed that the respondents did not appreciate the seriousness of their misconduct, nor the standard of conduct expected of directors and officers of public venture issuers," the panel said in its sanctions decision. "That is a significant risk to investors and markets." 

The panel ordered administrative penalties of $180,000 against Tamburrino, $120,000 against Paulson, and $60,000 against Walker.

In addition, the panel permanently banned Tamburrino, with limited exceptions, from purchasing securities or exchange contracts, and from acting as a director or officer of any issuer. He is also permanently banned from acting as a manager or consultant in connection to the securities market and from engaging in investor relations activities.

In separate panel orders, Paulson and Walker are prohibited, with limited exceptions, from purchasing securities or exchange contracts, and from being an officer and director for 10 years. They are also banned from acting as a manager or consultant in connection to the securities market and from engaging in investor relations activities for the same period. Paulson and Walker must pay the administrative penalty for the orders to be lifted after Oct. 7, 2020.

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 in the search box, Giuliano Angelo Tamburrino, Andrew Gordon Walker, and Dale Michael Paulson or 2010 BCSECCOM 578. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

Learn how to protect yourself and become a more informed investor at www.investright.org.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    604-899-6577 or (Canada) 1-800-373-6393
    www.bcsc.bc.ca