This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Verdmont Capital SA, a Vancouver-linked Panamanian brokerage charged for aiding a $75-million scheme, has asked that the judge throw out the case against it. (All figures are in U.S. dollars.) It says that it is nearly broke and is no longer in business. Moreover, there is nothing to the allegations, at least according to Verdmont.

Verdmont is part of a civil case that the U.S. Securities and Exchange Commission is pursuing in New York against a group of offshore brokerages over their sales of shares in OTC Bulletin Board and OTC Markets companies. The SEC claims that Verdmont and its co-defendants sold $75-million worth of shares in four Canadian-linked listings during questionable promotions in 2013. The selling occurred as aggressive campaigns were under way to tout the companies as active oil and gas or mining issuers. Of the companies, three had links to Surrey, B.C., and the other had a Montreal man as its president. (Listings in the recent Panama Papers also link some of the sellers in the scheme to Vancouver.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS