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by Mike Caswell

George Tazbaz, one of the Canadians facing civil charges in the United States for a $10.6-million scheme to manipulate two Chinese OTC Bulletin Board companies, denies that he did anything wrong. (All figures are in U.S. dollars.) He claims that he was an amateur investor who purchased shares in the companies on the advice of others. He never received any warning that his investment could be a potential problem, he claims.

Mr. Tazbaz, 44, is responding to a case that the U.S. Securities and Exchange Commission filed against him and others earlier this year. The SEC claimed that he took part in two nearly identical market manipulations that occurred between 2008 and 2010, those of China Auto Logistics Inc. and Guanwei Recycling Corp. A group of men led by Ontario resident S. Paul Kelley was able to artificially keep the stocks between $3 and $4 for over a year, the SEC said. During the scheme they secretly sold millions of shares through entities in Hong Kong and other places, the regulator claimed.

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