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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a Boston judge to maintain an asset freeze against Vancouver-area resident Paul Sexton, saying that Mr. Sexton could end up paying as much as $22.1-million for a 2014 scheme on the U.S. markets. (All figures are in U.S. dollars.) Mr. Sexton has been seeking to partially lift the asset freeze, claiming that he needs $875,000 to mount a defence. The SEC disagrees, contending that Mr. Sexton's money should remain where it is.

The arguments come as part a case in which the SEC claims that Mr. Sexton and others fraudulently sold millions of shares on the U.S. markets. According to the SEC, the group sold the shares through a network of offshore nominees run by West Vancouver's Frederick Sharp, with the sales coming amidst paid tout sheets that made claims such as "Get in now; this is huge!" The SEC's evidence against Mr. Sexton includes encrypted communications in which he talked about a plan to "be more aggressive and get the price and volume up."

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