02:40:38 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



SEC target Coldicutt agrees to ban, fines in U.S.

2014-04-17 13:31 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-GETH) Green Envirotech Holdings Corp
Also Street Wire (U-LRDC) Laredo Oil Inc
Also Street Wire (U-MSEH) Mesa Energy Holdings Inc
Also Street Wire (U-UGDM) Universal Gold Mining Corp

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Former Vancouver broker Tom Coldicutt has accepted a permanent penny stock ban in the United States for improperly selling 15 OTC Bulletin Board shell companies. He has also agreed to pay fines for the $4.8-million scheme in an amount that a judge will determine. (All figures are in U.S. dollars.) Mr. Coldicutt did not admit any wrongdoing in accepting the sanctions.

Mr. Coldicutt agreed to the penalties to settle civil fraud charges he faces from the U.S. Securities and Exchange Commission that stemmed from his sale of a number of shell companies between 2006 and 2008. The SEC claimed that he and his wife Elizabeth used a network of nominee officers and directors to create 15 purported mining companies. Mr. Coldicutt then sold the companies as shells for prices between $225,000 and $765,000 each, the SEC said. In all, Mr. Coldicutt and others grossed $4.8-million, according to the SEC.

The ban for Mr. Coldicutt is contained in a proposed judgment the SEC filed on Tuesday, April 15. It permanently bars him from serving as an officer or director of any public company and from trading penny stocks. Mr. Coldicutt must also disgorge ill-gotten gains and pay a civil penalty, with a judge to determine the amounts. The sanctions represent a negotiated settlement, and still must be accepted by the judge. The SEC also filed a proposed judgment against Mr. Coldicutt's wife Elizabeth on Tuesday, on nearly identical terms to that of Mr. Coldicutt. She too did not admit to any wrongdoing.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed