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by Mike Caswell

Courtney Kelln and Mike Veldhuis, two Vancouver-area residents charged alongside Frederick Sharp by the U.S. Securities and Exchange Commission for helping multiple pump-and-dumps, have lost an effort to have the case against them stayed. The SEC claims that the two helped Mr. Sharp in a scheme that allowed hidden insiders to unload millions of shares on the U.S. markets. The scheme produced over $1-billion in gains, according to the SEC. (All figures are in U.S. dollars.)

With the case yet to reach the trial stage, Ms. Kelln and Mr. Veldhuis had been looking to have the matter stayed. Their request is rooted largely in legalese. The pair face parallel criminal proceedings, but the criminal case has not yet advanced, with neither defendant having been arrested or having made an appearance in a U.S. court. As a result, they complained that they were unable to properly challenge the SEC case without revealing the defences and legal theories they would use in criminal court. They asked that the judge save them from this "impossible decision" by staying the SEC case.

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