EDMONTON- Former Edmonton Oilers owner Peter Pocklington has been accused of securities fraud involving a gold mine in La Paz County, Arizona.
According to court documents filed with the Arizona Corporation Commission, Pocklington's company Crystal Pistol raised more than $4.8 million from more than 100 investors between July 2010 and September 2011.
However, the securities division of the commission alleges that the company overestimated the quantity of recoverable gold "based upon flawed analysis."
The securities division is asking that Pocklington and a co-accused, John McNeil, make restitution and pay fines.
Commission spokeswoman Rebecca Wilder says Pocklington and McNeil have 10 days to request a hearing.
"If they do so, the commission will schedule hearings before an administrative law judge," she explained.
"Following the hearing, the judge would prepare a recommended order and the case would then come before the five elected commissioners for consideration and a vote."
In 2010, Pocklington received a conditional sentence after pleading guilty to perjury in California for making false statements and oaths in his bankruptcy case.
