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by Mike Caswell

The Alberta Securities Commission has filed a case in the Supreme Court of British Columbia as part of its 10-year effort to collect a fine from Langley promoter Rene Branconnier. The ASC says that Mr. Branconnier owes $415,000 (plus interest, which has been piling up since 2016) for an OTC Bulletin Board scheme from 2012. The debt remains unpaid, as Mr. Branconnier has been in a years-long bankruptcy proceeding.

The ASC's collection efforts stem from a case that the regulator filed against Mr. Branconnier in 2012. The ASC cited him for a scheme to raise money for Global 8 Environmental Technologies Inc., which traded on the OTC-BB. The ASC claimed that he and others raised $19.5-million while touting a waste management business that did not exist. The regulator ultimately ordered him to pay $415,000 in administrative sanctions (including $65,000 in hearing costs) and imposed a 20-year ban from the markets.

The ASC entered those sanctions on Feb. 2, 2016, and has been attempting to collect the money ever since. Unfortunately for the ASC, those efforts have been hindered by a bankruptcy case that Mr. Branconnier filed on Oct. 26, 2016. As a creditor, the ASC's attempts were automatically stayed. Despite 10 years having gone by, Mr. Branconnier remains an undischarged bankrupt.

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