The Vancouver Sun reports in its Thursday edition the B.C. Securities Commission has accused a North Vancouver man and two U.S. citizens of manipulating the share price of a mineral company.
A Canadian Press dispatch to The Sun says the BCSC found the manipulation occurred between June 15 and July 6, 2009, and affected share prices for Sungro Minerals Corp., which was incorporated in Nevada and had a head office in Surrey, B.C.
The panel found that at the start of trading the company had $299 in assets, and despite no news that would justify an increase, its share price rose from 0.45 cent to a high of $4.75.
The commission found Mark McLeary of North Vancouver, and Americans Robert Hainey and Jerry Williams, were part of a plan to dramatically increase the share price over the 13 days.
The panel said Mr. Williams and Mr. Hainey promoted the shares on the message board while Mr. McLeary directed their sale to message board members.
The regulator has asked the three men to make applications on sanctions. OTC Bulletin Board-traded Sungro is now defunct.
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