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 an 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 gold mine near Quartzite, Ariz. But resource estimates on the companies’ website were ‘not supportable”.
The former Edmonton Oilers owner Peter Pocklington has been charged with securities fraud
in what appears to be the Gold Nugget mine in La Paz County, Arizona. [Right, sign on I-10. Credit, goldnuggetmine.com
The Arizona Corporation Commission
named Pocklington, Crystal Piston Resources, Crystal Pistol Management, Liberty Bell Resources, and John M. McNeil.
The ACC complaint says "Between July 2010 and September 201 1, CPR Respondents raised over $4.8 million from over 100 investors." The company's newsletter reportedly further stated that “an initial investment of $10,000 at $1 per unit would pay a return between $25,000 and $40,000 per year.”
Among the complaints, ACC charges that the
(a) respondents misrepresented to offerees and investors the amount of recoverable gold available on the Arizona Mining Property.
(b) Respondents misrepresented to offerees and investors the ability to economically
recover gold from the Arizona Mining Property.
(c) MCNEIL misrepresented to the offeree that CPR was processing a thousand tons per month and that cash flow would begin within a week of their meeting, when, in fact, CPR had not submitted (nor was approved) to the BLM to process any amount of presumed ore over one thousand tons.