(March 21 – 16:05 ET) – A British Columbia Securities Commission panel has banned Gary Stanhiser from the B.C. securities market for the rest of his life, given him a $100,000 administrative penalty. He has also been ordered to pay most of the costs of the commission hearing into an investment fraud he perpetrated.

Stanhiser, a former pastor with the Seventh Day Adventist Church, masterminded an offshore investment scam in which 300 investors lost at least $11 million, says the BCSC. Many of the investors were church members in B.C. and California.

The panel also imposed sanctions against Del and Linda Knowlton, who helped Stanhiser operate Excel Asset Management Inc. and a number of other associated companies created to bilk investors. Del Knowlton was banned from the B.C. securities market for 10 years, given a $20,000 administrative penalty and ordered to pay some of the hearing costs. His wife Linda was given as five year trading ban, a $5,000 administrative penalty and ordered to pay some hearing costs.
-IE Staff