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by Mike Caswell

The U.S. Securities and Exchange Commission has concluded its case in the massive Syndicated Food Services International Inc. broker bribery scheme, winning financial penalties totalling $706,000 against the final three defendants. (All figures are in U.S. dollars.) The penalties, entered in New York on Friday, March 28, come over 10 years after the alleged six-year scheme came to an end. The SEC claimed that a group of brokers, lawyers, accountants and others defrauded investors of $26-million from 1997 to 2003.

Friday's penalties did not include former Canadian broker Iain Brown Jr., who was one of the 19 defendants in the case. He settled the matter in 2009, receiving a permanent penny stock ban and $205,000 in financial penalties. The SEC claimed that he managed a private Bahamian company that handled stock transactions as part of the scheme. Mr. Brown did not admit to any wrongdoing in settling. Also a defendant in the case was Mr. Brown's father, Iain Brown Sr. The SEC dropped the case against him in October, 2009, after learning he had died in May, 2008.

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