Tuesday, February 26, 2008
The SEC filed a complaint in the U.S. District Court for the District of Arizona against Mario A. Pino, alleging that Pino usurped the "corporate identity" of Bancorp International Group, Inc. (BCIT), a public shell, by fabricating, issuing, and trading fraudulently issued shares of the company. The complaint also alleges that Pino issued false press releases between May 2 and July 13, 2005, and issued millions of shares of fraudulent BCIT stock to himself and others. The complaint alleges Pino sold 175,005,000 shares, earning profits of $269,033, in unregistered, non-exempt transactions into the resulting inflated market. The Commission seeks a permanent injunction against Pino, disgorgement, including pre- and post-judgment interest, third-tier civil penalties, an officer and director bar, and a penny stock bar.
In a related matter, the SEC settled administrative proceedings with Pamela J. Thompson. The Order finds that, in April and May 2005, Thompson prepared false BCIT documents, including counterfeit stock certificates, while knowing she did not have the proper authority. During June and July 2005, Thompson received and sold two million shares of fraudulent BCIT stock, earning profits of $7,632. Thompson also acted as the transfer agent of BCIT between April and August 2005 even though she never registered as a transfer agent with the Commission. The Commission ordered that Thompson cease and desist from further securities laws violations; be barred from association with any transfer agent, with the right to reapply for association after three (3) years; and pay disgorgement of $7,632 and prejudgment interest of $830.82. The Commission is not imposing a penalty against Thompson based on her inability to pay. Finally, the Commission ordered Thompson to comply with her undertaking to cooperate with the Commission. Thompson consented to the issuance of the Order without admitting or denying any of the findings in the Order.