Gregory Pek, the former president and CEO of tech stock First Ecom.com, now called Brek Energy Limited, has stepped down and been replaced by Richard Jeffs.

First Ecom.com achieved infamy in Bermuda when investors such as the Bank of Bermuda and clients of Lines Overseas Management lost millions in the company, which is now involved in petroleum and natural gas exploration through its subsidiary Villenar Energy Corp.

According to web-based news letter InsideBermuda: "Brek energy has negligible revenue and pays for its plethora of related party transactions and other expenses through the sale of shares to the public."

However, the Brek Energy website reported progress with a San Antonio exploration site in August 2002. LOM and the Bank of Bermuda helped First Ecom.com. to launch on Nasdaq at the end of 1999; the Bank of Bermuda owned more than ten percent of the company (10.3 percent), and LOM owned more than 13 percent.

First Ecom Inc. saw its stock fall from $34 to under $1 in less than 12 months and then merged with a US gas and oil exploration company in a bid to diversify out of the electronic card processing business.

A spokesperson from the Bank of Bermuda said the bank sold its investment in First Ecom.com and had no comment on Mr. Peks' retirement. LOM said that they ceased to have any involvement with the company almost 2 years ago.