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

The U.S. Securities and Exchange Commission has filed civil charges against a group of offshore brokerages, claiming that they sold millions of improperly issued shares during questionable promotions of four Canadian-linked listings. The firms unloaded the stock as "aggressive and extensive" campaigns were under way to tout the companies as active miners or oil and gas issuers. In all the offshore brokerages sold $75-million worth of shares over a period of about six months in 2013, the SEC claims. (All figures are in U.S. dollars.)

The brokerages at the centre of the case have their offices in the Cayman Islands, Belize and Panama. The four stocks the SEC identifies all have links to Canada. Three can be traced to the Vancouver suburb of Surrey, with a private entity called Celtic Consultants LLC (which is not a defendant) handling some share transfers, according to the SEC. The other listing had a Montreal man named Michel Voyer (also not a defendant) as its president. The stocks all increased substantially in price during brief promotions, with one hitting a 90-cent high before falling to four cents just three months later.

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