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by Mike Caswell

The U.S. Securities and Exchange Commission has lost its effort to collect some of the proceeds from the Vancouver-linked pump-and-dump of Aureus Inc. in 2016. An appeal court has ruled that the SEC cannot collect money used to purchase a BMW worth $134,500 for the former wife of one of the defendants. (All figures are in U.S. dollars.) Although the former wife acknowledged that the money came from a stock market scheme, she had what the appeal judges deemed to be a "legitimate claim" to the vehicle.

The legal wrangling over the BMW comes as part of a case in which the SEC charged former San Diego lawyer Luis Carrillo for manipulating Aureus, a supposed gold explorer. According to the SEC, he and others, including B.C. resident Amar Bahadoorsingh, were behind a scheme to secretly unload millions of improperly issued shares during a promotional campaign. Mr. Carrillo's part in the scheme included hiring a boiler room in Colombia that boosted the stock as it went to a $1.66 high, the SEC said.

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