A Canadian attorney accused of masterminding a microcap stock scheme has now settled allegations from U.S. regulators.

The U.S. Securities and Exchange Commission (SEC) announced on Friday today that John Briner, a Canadian attorney and stock promoter, has agreed to settle charges that it brought in connection with an alleged scheme to create shell companies used for “sham offerings” of stock in 20 purported mining companies

Briner has agreed to settle the charges, consenting to an order prohibiting him from acting as an officer or director of any issuer, barring him from participating in any offering of a penny stock, and suspending him from appearing and practicing before the commission as an attorney, the SEC says. He also agreed to pay US$50,000 in civil penalties, and US$21,820 in disgorgement and prejudgment interest.

Briner previously had been suspended from appearing before the SEC on behalf of regulated firms so he recruited others to become figurehead executives of companies that he secretly controlled, the SEC notes

“Briner unsuccessfully sought to conceal his recidivist past and his role as the de facto CEO of the mining companies in the alleged scheme by acting through figurehead executives,” said Andrew Calamari, director of the SEC’s New York office, in a statement. “Today’s sanctions against Briner are broader in scope and permanent, and make clear that repeat offenders will not be tolerated.”

Along with Briner, two U.S. audit firms and seven audit professionals also agreed to settle the SEC’s charges against them, without admitting or denying the allegations.