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by Mike Caswell

A New York judge has denied a request by alleged Canadian boiler room operator Benjamin Kirk to dismiss civil charges he faces for his role in an $11-million pump-and-dump. (All figures are in U.S. dollars.) The decision clears the way for the case to proceed to trial, barring an out-of-court settlement. It also raises the possibility a judge could request Mr. Kirk's physical presence during the trial, which could be a problem for him as he is wanted on unrelated criminal charges in the United States.

The ruling comes as part of a case the U.S. Securities and Exchange Commission launched against Mr. Kirk and others on March 15, 2013. The regulator complained about boiler rooms run in Surrey, B.C., and Calgary, Alta., that promoted two pink sheets companies, Tradeshow Marketing Company Ltd. and Pacific Blue Energy Corp. The SEC claimed that the boiler rooms touted the companies with bogus claims about infomercials and solar power. The stocks both went to over $1, but soon fell to under a penny. Meanwhile some of the defendants dumped millions of shares, according to the SEC.

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