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by Mike Caswell
Panamanian brokerage Verdmont Capital SA has lost its attempt to have civil charges dismissed that it faces for selling millions of improperly issued shares in Canadian-linked listings. The firm had protested that it was selling the stock on behalf of clients, but a judge has found that there is sufficient evidence to proceed with the case. There are questions about how closely Verdmont scrutinized client accounts, the judge has ruled. While the decision is a loss for Verdmont, the ruling includes heavy criticism directed at the U.S. Securities and Exchange Commission.
The decision comes as part of a case the SEC is pursuing against Verdmont and other offshore firms. The SEC claimed that they sold $75-million worth of shares in four companies during questionable promotions in 2013. (All figures are in U.S. dollars.) The companies had links to the Vancouver suburb of Surrey, and two B.C. residents (Philip Kueber and Gregg Mulholland) were later arrested in related criminal cases.
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