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by Mike Caswell

West Vancouver's Frederick Sharp has lost an appeal at the Supreme Court of Canada in which he complained about a fine that the U.S. Securities and Exchange Commission is seeking to collect in Canada. The SEC claims that Mr. Sharp helped with multiple pump-and-dump schemes run on the U.S. markets, allowing hidden insiders to unload millions of shares through offshore nominee accounts. The scheme generated gains that the SEC calculated to be $1-billion. (All figures are in U.S. dollars.)

The loss for Mr. Sharp is contained in a decision that the Supreme Court issued on Thursday, June 25. As is customary, the court did not issue any reasons for the decision. It simply stated that it would not hear the case (or, in legal speak, it denied his application for leave to appeal).

The appeal arose from efforts by the SEC to collect on a judgment that it won against Mr. Sharp in Boston on May 12, 2022. A U.S. federal judge ordered Mr. Sharp to disgorge $21.7-million in gains, and ordered him to pay 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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