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by Mike Caswell

The U.S. Securities and Exchange Commission has won its case against Vancouver's Yvonne Gasarch and Jackson Friesen, with a Boston jury finding them liable for pump-and-dumps run on the U.S. markets. The SEC said that the pair were part of a larger scheme run by West Vancouver's Frederick Sharp that involved the sale of as much as $1-billion worth of stock. (All figures are in U.S. dollars.) Mr. Sharp allowed insiders to secretly unload shares on the U.S. markets, disguising the holdings through offshore nominees, the SEC claimed.

While the case included many defendants, the only two on trial were Ms. Gasarch and Mr. Friesen. Others either settled the matter out of court or were the subject of default judgments. Among them were Mr. Sharp, who ignored the matter entirely. The SEC obtained a default judgment against him on May 12, 2022, with that judgment including disgorgement of $21.7-million in gains, plus interest, as well as a $23.9-million fine. The judge also permanently banned Mr. Sharp from penny stocks and entered an order barring future violations.

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