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by Mike Caswell

With their co-accused having recently reached out-of-court settlements with the U.S. Securities and Exchange Commission, Vancouver-area residents Harmel Singh Rayat and Jatinder Bhogal are also looking at an out-of-court deal with the SEC. The SEC claims that the men ran a pump-and-dump with Renovacare Inc., an OTC Markets listing that had a supposed burn healing device called the "SkinGun." They unloaded millions of dollars worth of stock amidst a $50,000-per-month paid touting campaign, the SEC says. (All figures are in U.S. dollars.)

Word of Mr. Rayat's potential settlement is contained in a letter to the judge filed on Friday, Oct. 20, in federal court in New York. The letter, sent by Mr. Rayat's lawyer, asks that the judge delay upcoming dates to allow time to discuss a settlement. The letter says little about what those talks will entail, other than mentioning that delaying deadlines in the case will allow the parties to have "meaningful settlement discussions" without the pressure of having to tend to pretrial issues such as document disclosure.

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