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by Mike Caswell

The U.S. Securities and Exchange Commission has come to B.C. looking to collect the $4.5-million penalty it won against Vancouver promoters William Todd Peever and Phillip Curtis for the SHEP Technologies Inc. manipulation. (All figures are in U.S. dollars.) In a lawsuit filed in the Supreme Court of British Columbia the SEC is asking for a judgment that would allow it to enforce a court-ordered penalty from New York.

The fine stems from the 2003 manipulation of SHEP Technologies, an OTC Bulletin Board listing that purportedly had a new form of anti-lock brakes. According to the SEC, Mr. Peever, Mr. Curtis and others secretly sold three million shares of the company after paying for favourable coverage in tout sheets. They made $3.1-million from the scheme, the SEC said.

Mr. Peever and Mr. Curtis settled the case in August, 2008, nine months after the SEC filed it. Without admitting to any wrongdoing, they agreed to penny stock bans and to financial penalties that the judge would determine. In August, 2011, New York Judge Denise Cote found that the men should jointly disgorge $2.9-million in ill-gotten gains and pay $1.6-million in interest.

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