ENFORCEMENT SUMMARY
In the Matter of The Securities Act ("Act")
and in the Matter of Daniel Lear, also known as Sir Daniel Kingsley Lear, also known as Ralph Merle Swim ("Lear")
Charges:
On January 24, 2002, Judge Rubin of the Provincial Court of Manitoba accepted the guilty pleas of Lear to 10 counts of offences under the Act: five counts of trading without registration and five counts of trading without prospectus.
Summary:
The charges pertained to five trades to five investors. Some of the investors had previously participated in a multi-level marketing plan pertaining to Get-Aways Travel Network and membership in Pennywise PrivilegeCard International. In the years of 1997 and 1998, Lear traded in securities in the Province of Manitoba through investment programs such as those described as the Bank Founders program and Cash in on the Market Crash in connection with interests in Business Builders Club International, C-SIL Exclusive Strategic Capital Growth Plan, or Skyline Holdings Ltd. to the five residents of Manitoba for total consideration of $64,500.00 USD or approximately $89,800.00 in Canadian funds. The programs purported to have phenomenal returns and involved the use of an International Business Corporation ("IBC"). To invest, funds were wire transferred by the investors to offshore accounts in Nevis, except in one case where alternative instructions were given by Lear for the transferring of funds to an account in Winnipeg, Manitoba. Neither the invested funds, nor any return thereon, were returned to the investors. None of Lear, Business Builders Club International, C-SIL Exclusive Strategic Capital Growth Plan, or Skyline Holdings Ltd. were registered to trade in securities under the Act, nor had any prospectuses been filed with the Commission or exemptions applied for or granted.
Sentence:
Lear was sentenced on January 24, 2002. Judge Rubin accepted the joint recommendation and sentenced Lear to terms of imprisonment of 3 months on each of the ten counts to be served concurrently with each other and with time already being served by Lear on another matter.
The Manitoba Securities Commission
January 29, 2002.