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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban and $4.5-million in monetary sanctions against Raymond Dove, a Canadian charged alongside Vancouver's Frank Biller for a Colombian boiler room. (All figures are in U.S. dollars.) The SEC claimed that the men helped hidden insiders unload millions of shares. Their scheme generated $58.3-million in illegal gains, according to the SEC.

The penalties for Mr. Dove are contained in a judgment handed down on Wednesday, Sept. 30, in federal court in New York. The $4.5-million that Mr. Dove must pay includes disgorgement of $1.8-million in gains, plus interest, along with a $1.6-million fine. The permanent ban applies to all trading in penny stocks. On top of that, the judge has entered an injunction barring future violations. The sanctions are by default, Mr. Dove having ignored the charges.

Wednesday's judgment comes with Mr. Biller having pleaded guilty to related criminal charges in New York. U.S. federal prosecutors claimed that he helped run the boiler room at the centre of the case, using aliases such as "Frank Johnson" and "Dr. Peter Phillips" to pitch multiple OTC Markets listings. Mr. Biller has not yet been sentenced, and he faces civil sanctions from the SEC.

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