Former Edmonton Oilers owner Peter Pocklington and an associate will pay more than $5 million to settle a securities fraud case in Arizona.

The settlement with the Arizona Corporation Commission ends a year-long investigation into Pocklington, co-accused John McNeil and their affiliated companies.

The commission notes Pocklington and McNeil neither admitted nor denied the commission's findings, but agreed to a settlement that was approved last week.

The commission said Pocklington and McNeil told at least 120 investors they had mineral rights to a mine near Quartzite, Arizona, that would begin churning out gold shortly.

However, the commission found the estimates of gold resources were not supportable.

Pocklington says in a news release that the allegations of wrongdoing have been laid to rest, adding his company has done nothing wrong.

He says his company has worked diligently and honestly with its investors and any errors were the result of inexperience and naivete, not malice or avarice, and were quickly rectified.

Pocklington spokesman Terry McConnell says no investors lost any money, adding that paying the fine was less costly than continuing to fight the allegations.