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SEC target McCabe wins ruling on BCSC-SEC letters

2015-05-26 12:02 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-GNXP) Guiness Exploration Inc
Also Street Wire (U-KDMP) Kedem Pharmaceuticals Inc

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by Mike Caswell

Colin McCabe, the Abbotsford man fighting cases from the U.S. Securities and Exchange Commission and the B.C. Securities Commission over his "egregious touting" of a group of OTC Bulletin Board companies, has won a legal battle over confidential communications between the regulators. Utah Judge Ted Stewart has ruled that information the agencies exchanged as part of their investigations into Mr. McCabe is not privileged. An agreement between the regulators to keep the information confidential is insufficient to keep the SEC from sharing the documents with Mr. McCabe's lawyer, the judge has ruled.

The decision revolves around a series of transmittal letters the SEC and BCSC exchanged before they began separate cases against Mr. McCabe. The judge has not revealed the contents of those letters, but they are of much interest to Mr. McCabe's lawyers. After learning of the letters through routine pretrial matters, Mr. McCabe's lawyers spent several months corresponding with the SEC to obtain them. The regulator eventually refused, so Mr. McCabe's lawyers went to court seeking a production order.

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nice to see someone with balls and smart lawyers going up against these assholes. The SEC, the BCSC, and other gov't backed Nazi organizations that are holding unconstitutional tribunals. NO hint of having to actually prove anyone guilty. Its incumbent upon the "perpetrators" to PROVE themselves innocent. The exact antithesis of what the US constitution and the Cdn Bill of Rights say.

Posted by optimist at 2015-05-26 16:27

The actions he's charged with appear no more serious than what every public company and every promoter represent each and every day.

The BCSC in particular are littered with morons and idiots. It's refreshing to witness a US judge agree with that observation.

A waste of time and my hard earned taxpayer money. All of them would be living off welfare cheques if not for the free ride they get in those cushy jobs.

Failed lawyers fishing for red herrings.

Sickening and pathetic.

You can thank the liberal provincial government and their dispicable rhetoric for this mess.

Posted by Catbird at 2015-05-27 09:23

BCSC has slowed down venture capital in Vancouver all the action is in Toronto now, most of them make 200 grand a year and what do they care if the market goes to shit. way to go BCSC give yourself another raise

Posted by theman at 2015-05-28 07:53


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