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Van Sun says SEC, AMF see Sharp back in court Dec. 7

2023-11-27 07:39 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Vancouver Sun reports in its Saturday edition that starting in 2016 in the Federal Court of Canada, West Vancouver businessman Frederick Sharp opposed a probe by the Canada Revenue Agency of his finances after he was named in the massive leak of documents from Panamanian company Mossack Fonseca. The Sun's Gordon Hoekstra writes that leak was known as the Panama Papers, revealing how thousands of people and entities used offshore tax havens. Since last year, Mr. Sharp, 71, has been in B.C. Supreme Court fighting the U.S. Securities and Exchange Commission's efforts to enforce in Canada a $37-million illicit profit component of a U.S. penalty over an alleged $1.3-billion stock fraud for which he was named the "mastermind." He has also been fighting the Quebec securities commission's right to bring a claim that he was involved in an alleged pump-and-dump stock fraud. That six-year fight ended this month when the Supreme Court of Canada ruled against Mr. Sharp and three others who had launched appeals against Quebec's securities commission, the Autorite des marches financiers (AMF). The matter now goes back to the AMF. Officials there said a hearing to determine scheduling and other matters takes place on Dec. 7.

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