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by Mike Caswell

The U.S. Securities and Exchange Commission has filed an administrative case against Seijin Ki, a Toronto man the regulator claims participated in a 2011 bribery scheme. The SEC says that Mr. Ki agreed to pay a secret 50-per-cent kickback to have a fund manager buy shares in two pink sheets companies, Lightlake Therapeutics Inc. and Church & Crawford Inc. Unfortunately for Mr. Ki, the person receiving the money was an undercover FBI agent.

The SEC action comes about one year after Mr. Ki, 44, pleaded guilty in a related criminal case in Massachusetts. U.S. authorities caught him as part of a year-long undercover operation that resulted in bribery charges against 15 individuals. Thirteen of those charged, including Mr. Ki, pleaded guilty and two were convicted after trial. Mr. Ki received a 15-month sentence, including time he had served before his sentencing. He was released on July 31, 2014.

Details of the case against Mr. Ki are contained in an order instituting proceedings the SEC filed on Monday, Sept. 22. According to the order, in January, 2011, Mr. Ki was the chief financial officer of Lightlake Therapeutics and the president of Church & Crawford. Both were thin traders, with Lightlake around 30 cents and Church & Crawford around five cents.

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