Rick, this is not you writing the post I am responding to. Why do you let this guy use your account and think for you?
The BCSC concluded that he ripped off investors (like investors in SLI believe they were). This is the penalties they meted out by Order:
D Orders
Considering it to be in the public interest, and pursuant to sections 161 and 162 of the Act, we order that:
Burke
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under sections 161(1)(b), (c), (d)(ii) to (v),
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a) Burke cease trading in, and be prohibited from purchasing, any securities, except he may trade and purchase securities for his own account through a registrant, if he gives the registrant a copy of this decision;
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b) the exemptions set out in the Act, the regulations or any decision as defined in the Act, do not apply to Burke, except for those exemptions necessary to enable Burke to trade or purchase securities in his own account;
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c) Burke is prohibited from becoming or acting as a director or officer of any issuer or registrant;
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d) Burke is prohibited from becoming or acting as a registrant or promoter;
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e) Burke is prohibited from acting in a management or consultative capacity in connection with the activities in the securities market; and
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f) Burke is prohibited from engaging in investor relations activities;
until December 14, 2020;
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under section 161(1)(d)(i), that Burke resign any position he holds as a director or officer of an issuer or registrant;
21. under section 161(1)(g) of the Act, that Burke pay to the Commission $636,000; and
22. under section 162 of the Act, that Burke pay to the Commission an administrative penalty of $20,000.
Rick, I'll bet that Burke is complying with the Order, except that he is welching on the payment penalties. Here's why:
You see, the fraudsters are not paying penalties for various reasons, and the various securities regulators are pretty toothless in collection efforts. And that is a problem, because if the regulators had collected penalties, they would have the money to conduct proper investigations. That is the problem, regulators are not as you keep saying, corrupt, they simply don't have the funding to go after everyone, only the most guilty and easiest to prove, as in Burkes case.
Wouldnt you like Burke to pay and have the money collected go to investigating SLI??? I'll bet you would.
Anyway, the Burke case has no relevance to SLI. Except that investors got ripped off, at absolutely no fault of the regulators. Time to drop it.
