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by Mike Caswell

The U.S. Securities and Exchange Commission has won a court order that could help it trace millions of dollars in proceeds from an alleged Canadian boiler room operation. A New York judge has granted a motion in which the SEC is seeking access to offshore banking records it says are connected to the scheme. The regulator claims that the men behind the boiler room sent $7.5-million to a bank in Barbados. (All figures are in U.S. dollars.)

The order, handed down on Wednesday, April 8, comes as part of a case the SEC is pursuing against Canadian Benjamin Kirk and others for an $11-million pump-and-dump scheme. The regulator claims that the men ran boiler rooms in Surrey, B.C., and Calgary, Alta., in which they promoted two pink sheets companies, Tradeshow Marketing Company Ltd. and Pacific Blue Energy Corp. According to the SEC the men boosted both stocks to over $1 with bogus claims about infomercials and solar power. Meanwhile they dumped millions of shares, sending the proceeds offshore, the SEC says.

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