LOM caused year-long delay in securities fraud investigation, claims regulator

An investigation into suspected stock manipulation has been stymied by the non-co-operation of offshore broker Lines Overseas Management, it has been claimed.The allegation was made at a hearing in November before the British Columbia Securities Commission to consider banning the following parties from the local market: LOM (Holdings) Limited, LOM Securities (Bahamas) Limited, LOM Securities (Bermuda) Limited, LOM Securities (Cayman) Limited, Lines Overseas Management Limited, and LOM officers Donald P. Lines, Chairman and a former CEO of the Bank of Bermuda; Brian N. Lines, President and a Director; Scott G. S. Lines, LOM’s Managing Director; Malcolm Moseley, LOM’s CFO, Executive Vice President, and a Director; David McNay, Vice President of Investment Operations; and J. Scott Hill, Compliance Manager, all of whom reside in Bermuda.