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by Mike Caswell

Michael Randles, the lone Canadian charged in the Moneyline Brokers pump-and-dump case in Virginia, looks to be headed for trial after a set of rulings handed down on Friday, Oct. 14. The judge has denied a request by Mr. Randles to dismiss the case on jurisdictional grounds. The judge has also allowed Mr. Randles to withdraw his challenge of phone and e-mail evidence against him, clearing the way for recordings of several conversations to be used at his trial.

The rulings come with Mr. Randles just weeks away from his Nov. 7, 2016, trial. Prosecutors claim that he was a manager at Moneyline, a Costa Rican firm that carried out multiple pump-and-dumps on the U.S. markets in 2009 and 2010. Among other things, the firm aided promotional campaigns and anonymously sold shares through U.S. brokerages on behalf of others, the government claims. The stocks in the scheme included Everock Inc., a subpenny mining company that was once domiciled in Ontario, and Bryn Resources Inc., a Toronto company that claimed to be exploring for gold in Nova Scotia.

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