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by Mike Caswell
A criminal case in Vermont has ended with a two-year jail term for a man who sold shares of Vancouver's RYU Apparel Inc. in 2011. The jail term is for Daniel Burgess, a 51-year-old man who defrauded a woman of $248,968 in connection with the sale. (All figures are in U.S. dollars.) Mr. Burgess sold RYU shares on behalf of the woman, and then "fraudulently conveyed" a large portion of the money.
The case traces back to 2011, when RYU was known as Respect Your Universe Inc. The company was (and remains) a manufacturer of sports apparel. At the time the company did not have a listing, but it did trade in over-the-counter transactions. Around the same period, Mr. Burgess held himself out as a buyer and seller of securities, operating through a private entity called Tucker Financial Services Inc.
In July, 2011, a Nevada woman named Sharon Wranosky hired Mr. Burgess to sell 500,000 shares that she held in RYU. She entered a contract which specified that Mr. Burgess would receive a commission of 20 per cent of the proceeds. Mr. Burgess was to use his "best efforts, to obtain the highest price/market price for said Shares."
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