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Pocklington settles securities fraud case with Arizona commission
CALGARY – Former Edmonton Oilers owner Peter Pocklington and an associate have been ordered to pay more than $5 million to settle a securities fraud case in Arizona.
The settlement with the Arizona Corporation Commission ends a year-long investigation into Pocklington, co-accused John McNeil and their affiliated companies.
The commission said Pocklington told at least 120 investors they had mineral rights to a mine near Quartzite, Ariz. that would begin churning out gold shortly.
But resource estimates on the companies’ website were “not supportable.”
The commission says Pocklington and McNeil neither admitted nor denied the commission’s findings when they agreed to the settlement.
A release from Pocklington’s company, Liberty Bell Resources, says he did nothing wrong.
A Pocklington spokesman says agreeing to pay the fine is less costly than continuing to fight the allegations.
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