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by Mike Caswell

Paul Sexton, a Vancouver-area man awaiting trial in Boston for a scheme to improperly unload millions of shares on the U.S. markets, has asked the judge to loosen a court-imposed asset freeze. He says that the freeze, which the U.S. Securities and Exchange Commission obtained two years ago, covers amounts that exceed the $12.4-million that he is accused of realizing from the scheme. (All figures are in U.S. dollars.) Without access to his money, he will be unable to mount a proper defence, he contends.

The request comes as part of a case in which the SEC claims that Mr. Sexton and others were part of a scheme to fraudulently sell shares through offshore nominees. According to the SEC, the group sold the shares through a network run by West Vancouver's Frederick Sharp amidst paid tout sheets that made claims such as "Get in now; this is huge!" Mr. Sexton's part in the scheme included helping distribute proceeds from the operation, with an encrypted conversation mentioning a $96,000 amount that was "all 50's."

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