A Hamilton-area man accused of running a $14-million US Ponzi scheme has agreed to turn over money and pay a penalty following a settlement reached with the U.S. Securities and Exchange Commission.
Gordon Driver of Freelton, Ont., and his company, Axcess Automation, reached the agreement just days after the SEC had gone to a California court seeking a contempt order against Driver for not complying with previous court-ordered requirements.
The SEC was also asking the judge to consider jail time as a possible sanction against Driver if he was found guilty of contempt.
Driver and his company are alleged to have defrauded more than 100 Canadian and American investors since 2006 by promising them weekly returns on their investment as high as five per cent, based on special software he claims he developed to trade futures.
A court hearing will be held to determine the amount of money that Driver must turn over and the size of the penalty he faces.
Winnipeg Sun
Winnipeg Free Press
The main story is at The Hamilton Spectator.
Contacted by e-mail Saturday, Driver declined to answer questions about the agreement.
“I don’t think you know how to be fair and balanced,” Driver responded.
“You have missed the opportunity to find the real story.”
As part of the agreement with the SEC, Driver will be prevented “from arguing that he did not violate the federal securities laws as alleged,” and can’t challenge the validity of the agreement in court.
The agreement also requires Driver to acknowledge that the deal with the SEC does not provide him with any immunity from possible criminal charges.
Nothing up as yet at the Security Exchange Commission website.
The CFTC Case Status Report Website:
January 11, 2010
At the 1:30pm Hearing in US District, Central District of California (Western Division – Los Angeles) before Judge Otis D. Wright II on Plaintiff’s Motion for Issuance of Order to Show Cause Why Defendants Should Not Be Held in Contempt.
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Torontonian:
You caught this and I’ve moved this comment up to this post because you ask relevant questions. I shortened the URL – BD
At this hour of the morning, this is the only news I can
find about the matter. It was also on CBC Toronto’s
6:30 am newscast.
Perhaps others can find further details about the
matter.
What isn’t clear to me is WHY Driver’s agreement
to repay the monies gets the Mainses off the
hook. Maybe someone can elucidate their
train of thought for the rest of us. Their train
of thought doesn’t stop at my station.
Here’s the link:
http://tinyurl.com/yc4took
You caught this and I’ve moved your comment up to this post because your observations deserve answers. I shortened the URL – BD
I don’t have access to the California court system, sorry – the best I could find was the CTFC update. The SEC has nothing up. Are they handling investor return management?
No movement at the OSC.
Is David Rutledge also off the legal hook?
What about Stephen Taylor?
Crossroads made the move to clean up the corporate page and start getting Ron back on the air. They had to have known about this deal. If Gordon doesn’t have the money, he is looking at criminal charges.
Someone must have deep pockets, and connected friends – there has been nothing from the OSC, no whispers of justice. Canadian finders walk away?
Yes Ron and Reynold lost money, but why is it okay to have drawn in so many people who lost so much?
By Ron’s admission he drew in 40 to 50 and by Reynolds 10-15 and not face consequences? What about his resitution fund?
Have investors been kept up to date? Will they be let down again?
Wolves and sheep.
Christians and seniors are so vulnerable. Driver’s denials are so annoying. It’s hard to remember he is mentally ill and probably not able to admit his crimes.
Nonetheless it is hard to accept his denials – he preys on Christians who think God has nothing better to do but to bless them with health and wealth. Prosperity gospel is the real evil.
There is no public acknowledgement of any kind of mental illness Sherm, that’s a stretch, there is no typical profile of a scammer.