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by Mike Caswell

The U.S. Securities and Exchange Commission has permanently banned Mike Veldhuis and Courtney Kelln, two Vancouver-area residents charged by the U.S. Securities and Exchange Commission for pump-and-dumps on the U.S. markets. The SEC claimed that the pair were part of a scheme run by West Vancouver's Frederick Sharp, in which he helped hidden insiders unload millions of shares. The scheme generated at least $1-billion in gains, the SEC said. (All figures are in U.S. dollars.)

The bans for the pair are contained in a judgment and proposed judgment filed on Thursday, June 15, in federal court in Boston. The judgments permanently bar the pair from penny stocks and from committing any future violations. The pair will also be ordered to pay fines and disgorge their gains from the scheme, in amounts that the judge will determine. The penalties represent a negotiated settlement. (The judgments do not include the standard language in which defendants do not admit to any wrongdoing.)

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