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SEC target Gallison to pay $920,101 (U.S.)

2017-04-25 10:31 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

It appears that Harold Gallison Jr., the man who pleaded guilty to criminal fraud charges for the Moneyline Brokers scheme, will have to pay a large part of the $1.7-million sanction that he received in the case. (All figures are in U.S. dollars.) Virginia prosecutors have filed court documents showing 33 bank and brokerage accounts belonging to him that they intend to seize. The combined value of the accounts is $920,101.

For Mr. Gallison, the seizure comes as he and his Canadian co-accused, Michael Randles, are in jail for the scheme. Prosecutors claimed that the two men ran Moneyline, a Costa Rican firm that facilitated several pump-and-dumps. Moneyline aided promotional campaigns and anonymously sold shares through U.S. brokerages on behalf of others, according to the government. The stocks in the scheme included Everock Inc., a subpenny mining stock 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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