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SEC, DOJ charge B.C. man in $300-million (U.S.) scheme

2015-06-23 21:06 ET - Street Wire

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by Mike Caswell

U.S. authorities have arrested Gregg Mulholland, a recidivist violator living in Vancouver, claiming that he fraudulently manipulated several U.S. listings and then laundered $300-million in proceeds. (All figures are in U.S. dollars.) He was taken into custody Tuesday at the Phoenix International Airport while his flight was on a layover. He had been flying from Canada to Mexico.

Prosecutors claim that Mr. Mulholland, 45, was the secret owner of Legacy Global Markets SA, an investment management firm with offices in Panama and Belize. The Department of Justice previously indicted the firm on Sept. 9, 2014, saying that it was part of a $500-million manipulation scheme. (The defendants in that case include Canadians Brian De Wit and Cem Can, also known as Jim Can.)

The charges against Mr. Mulholland are contained in a criminal complaint unsealed in New York on Tuesday, June 23. According to the complaint, he was part of a group of individuals who devised a scheme to induce investors to buy various thinly traded companies that were being manipulated. Mr. Mulholland and his associates laundered approximately $300-million in proceeds from the manipulations through five offshore law firms, prosecutors say.

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