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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $2.3-million judgment against Dori-Ann Stubos, the wife of Vancouver's George Stubos. (All figures are in U.S. dollars.) The SEC claimed that Ms. Stubos received proceeds from an OTC Markets scheme that Mr. Stubos ran between 2012 and 2015, in which he secretly unloaded millions of shares in two companies through offshore accounts. The scheme included payments of $3.3-million to stock promoters, the SEC said.

The penalties for Ms. Stubos are contained in a judgment entered on Monday, April 15, in New York. The judgment orders Ms. Stubos to disgorge $1.7-million in gains, plus $533,108 in interest. The payout represents a negotiated settlement, in which Ms. Stubos has not admitted any wrongdoing. As part of the judgment, Ms. Stubos has agreed to sell a property that she owns in Palm Springs, Calif., that the SEC previously obtained a freeze order against.

The SEC also previously froze two properties that the couple owned in Vancouver, but the regulator has agreed to lift that freeze once it has collected the full amounts owing from them. The SEC previously won a judgment against Mr. Stubos, who agreed to pay $6.1-million as part of a settlement in which he too did not admit to any wrongdoing. The regulator expects to collect the judgment against Mr. Stubos using the proceeds from brokerage accounts at Canaccord Genuity Corp. that are also frozen. In addition to the $6.1-million, Mr. Stubos agreed to a permanent penny stock ban.

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