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by Mike Caswell

A California judge has imposed $5.4-million in sanctions on former Vancouver broker Tom Coldicutt and his wife Elizabeth for a shell-selling scheme. (All figures are in U.S. dollars.) The judge found that their violations involved fraud, deceit, manipulation or reckless disregard of securities rules. Also a factor is the judge's determination that the couple are serial violators and that there is a relatively high likelihood they will offend again.

The sanctions conclude a civil fraud case the U.S. Securities and Exchange Commission has been pursuing against the Coldicutts since 2012. The regulator claims that they improperly sold 15 OTC Bulletin Board shell companies between 2006 and 2011. They created the shells as purported mining issuers to obtain a listing, then sold the companies to buyers that Mr. Coldicutt located. They hid their involvement by using a network of hand-picked nominee officers and directors, none of which knew anything about mining, according to the SEC.

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