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by Mike Caswell
Former Vancouver broker Tom Coldicutt and his wife, ordered to pay millions of dollars in fines to the U.S. Securities and Exchange Commission in 2014, have petitioned themselves into bankruptcy in California. The pair cite liabilities totalling $14.5-million, most of which is owing to the SEC and the U.S. Department of the Treasury. (All figures are in U.S. dollars.) Their only asset of any value is their California home, worth $1.2-million.
The financial troubles of the Coldicutts are set out in a voluntarily petition for bankruptcy that they filed on Dec. 17, 2018. They made the filing in federal court in California, the state where they have lived for many years. The document sets out a bleak financial picture for the former broker and his wife. The couple's combined annual income is listed at a respectable $93,212 per year, but their assets and liabilities are not so appealing.
Figuring large into their financial picture is a $4.7-million amount owing to the SEC. The money represents most of the $5.4-million in sanctions that a judge imposed on them for a shell-selling scheme. Also prominent in their filing is an $8.3-million amount owing to the U.S. Department of the Treasury. The document does not say what the amount represents, but the Department of the Treasury handles tax collection for the U.S. government.
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Should go to jail ASAP.
Posted by d. courtney at 2019-01-04 12:49