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SEC target Adam secures release, must live with mother

2015-06-11 11:21 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-HBPE) HBP Energy Corp

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by Mike Caswell

Mitchell Adam, the Vancouver man arrested in the United States for planning the manipulation of a pink sheets company, has secured his release on a $250,000 appearance bond. (All figures are in U.S. dollars.) The terms of his release include surrendering his passport and living with his mother in Florida. His bond is secured by $100,000 in cash and a property in Michigan.

The release decision comes about three weeks after U.S. authorities arrested Mr. Adam in Texas. They claimed that he was part of a planned pump-and-dump of a purported oil company, HBP Energy Corp. He and others proposed carrying out a series of wash trades and planned on cold-calling potential investors, according to the government. The alleged plan fell apart after a trader had begun co-operating with authorities.

Mitchell Adam
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Mitchell Adam

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