The men behind the failed Sage Hills development, and their affiliated companies, have been fined $12 million and permanently banned by the B.C. Securities Commission.

Richard Gilhooly with the Commission says Theodore Ralph Everett and Robert H. Duke perpetrated fraud, the illegal distribution of securities, and breached a cease trading order.

The initial proposal for Sage Hills was expected to produce a major residential, educational and commercial development for the Comox Valley that included a sports academy. It was to be built over two decades.