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by Mike Caswell

Verdmont Capital SA, an offshore brokerage facing civil charges from the U.S. Securities and Exchange Commission for selling millions of improperly issued shares in Canadian-linked companies, has asked that a judge throw out the case. The firm says the allegations against it are baseless. It claims to have been acting entirely on behalf of clients, and in any event says the SEC has no evidence that those clients committed any wrongdoing.

VERDMONT

Verdmont Capital

Verdmont is responding to a case the SEC filed against it and a group of brokerages with offices in the Cayman Islands, Belize and Panama. The regulator claimed that Verdmont and its co-defendants sold $75-million worth of shares in four companies during questionable promotions in 2013. (All figures are in U.S. dollars.) The selling occurred as aggressive campaigns were under way to tout the companies as active oil and gas or mining issuers. There are no Canadian defendants, but of the companies, three had links to Surrey, B.C., and the other had a Montreal man as its president.

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