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SEC seeks $32-million (U.S.) from offshore brokerages

2015-11-04 10:39 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-GOFF) Goff Corp
Also Street Wire (U-NORX) Norstra Energy Inc
Also Street Wire (U-SWVI) Swingplane Ventures Inc
Also Street Wire (U-XUII) Xumanii Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a New York judge to impose $32-million in sanctions against a pair of offshore brokerages linked to B.C.'s Philip Thomas Kueber for their part in a scheme to sell improperly issued shares. (All figures are in U.S. dollars.) The SEC says the brokerages committed "multiple, systematic and egregious" breaches of the law as they sold millions of unregistered shares during questionable promotions. It also says that they failed to respond to the charges.

The request comes as part of the SEC's case against Clear Water Securities Inc. and Legacy Global Markets SA. The regulator claims that the two firms sold stock during the promotion of Swingplane Ventures Inc., a purported copper miner that went to 90 cents amidst a paid touting campaign in 2013. Clear Water, Legacy and another firm combined to sell $31.6-million worth of Swingplane shares before the company fell to four cents, according to the SEC.

Phil Kueber
MEETME
Phil Kueber

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