03:11:50 EDT Fri 29 Mar 2024
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SEC seeks to amend boiler room case, mentions Global

2014-04-14 13:19 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-PBEC) Pacific Blue Energy Corp
Also Street Wire (U-TSHO) Tradeshow Marketing Company Ltd

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by Mike Caswell

The U.S. Securities and Exchange Commission has sought permission to amend the pump-and-dump case it filed against Canadian Benjamin Kirk and others, with the amendment to include allegations that a Mexican defendant sold $1.1-million worth of stock through Vancouver brokerage Global Securities Corp. (All figures are in U.S. dollars.) The SEC claims that the defendant, Dr. Luis Carrillo, executed 183 orders over 26 trading days in 2010. He entered the trades as other defendants were heavily promoting the same stock he was selling, the SEC says.

The amendments, if accepted by the judge, add to the already considerable Canadian connections in the case. The SEC claims that Mr. Kirk and others ran boiler rooms in Calgary and White Rock through which they promoted two pink sheets companies, Tradeshow Marketing Company Ltd. and Pacific Blue Energy Corp. According to the SEC, the boiler rooms touted the companies with bogus claims about infomercials and solar power. The stocks both went to over $1, but later fell to under a penny. During the scheme, the defendants sold at least $11-million worth of stock, the SEC says.

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