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by Mike Caswell

William Andrew Stack, a Texas lawyer banned for being a figurehead officer in a promotion linked to Vancouver's William Scott Marshall, has successfully had his monetary penalties for the scheme reduced. A federal judge in Texas has ordered that Mr. Stack pay $98,639 to the U.S. Securities and Exchange Commission, a reduction from the $666,220 decision that the SEC previously won. (All figures are in U.S. dollars.) Mr. Stack remains banned from penny stocks and from serving as an officer or director for five years.

The reduced judgment, handed down on Tuesday, Jan. 14, comes as part of a case in which the SEC claimed that Mr. Stack was the president of an OTC Markets company called Preston Corp. as it raised $5-million based on a supposed $273-million mine. He presided over the company when it made misleading claims about royalties and other mining assets, the SEC said. The SEC initially won a $666,220 judgment against Mr. Stack, after which an appeal court deemed the amount excessive given that Mr. Stack made little money from the scheme.

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