Wealth Pools in New Brunswick Business Journal
James Oagles, Jeannie Tracy, Ronald Fulton and their company, Wealth Pools International LLC were named in the settlement.
James Oagles agreed to pay an administrative penalty of $10,000 and $2,500 toward the costs of the commission's investigation. Tracey agreed to pay an administrative penalty of $2,000 and $500 for costs. Fulton agreed he would have been subject to a penalty of $2,000 had he not been bankrupt. The three individuals acknowledged their actions caused financial losses to the people they recruited into the scheme and they agreed to be permanently banned from trading in securities in New Brunswick.
The commission concluded the three did not intend to defraud their victims but they were involved in illegal activity and ignorance of the law was not an excuse. More than 109 New Brunswick residents had invested more than $440,000 in Wealth Pools.
The securities commission urges New Brunswickers who believe they are being solicited with questionable investment schemes to visit their website at www.nbsc-cvmnb.ca.
Related News
-
Wealth Pools in New Brunswick Business Journal
...The New Brunswick Securities Commission recently approved a settlement agreement with the operators of a pyramid-type investment scheme that was promoted in this province in 2006-07.James Oagles, Jeannie Tracy, Ronald Fulton and their company, Wealth Pools International LLC were named in the s... Read More...MBSC Schedules Hearing Against Wealth Pools
NBSC to hold hearing into alleged pyramid schemeWealth Pools International hearing scheduled for Mar. 26 The New Brunswick Securities Commission has issued a notice of hearing against a company and four individuals that it alleges operated a pyramid scheme.Staff of the commission allege tha... Read More...Wealth Pools International Frozen
Wealth Pools International has been subject to an SEC and Florida Attorney General Injunction. For related info and links to the Florida Court Receiver page for Wealth Pools International please visit the Npros Directory page for We... Read More...SEC Injunction Against Wealth Pools and Robert Lane
SEC Halts Fraudulent Global Pyramid Scheme Preying On Hispanic Community Securities and Exchange Commission v. Robert E. Lane, Wealth Pools International, Inc., and Recruit for Wealth, Inc., Defendants, and T-N-T Education Company, Inc., Richard H. Lane, Mundo Trade, Inc., Renee Becker, Julia... Read More...
