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by Mike Caswell
The U.S. Securities and Exchange Commission has filed civil fraud charges against a pair of B.C. men for a $3.1-million pump-and-dump on the OTC Link. (All figures are in U.S. dollars.) The SEC claims that Jason McDiarmid and Kenneth Telford boosted a company with a boiler room and an e-mail campaign while dumping their shares. The company went to $1.62 during the scheme.
The allegations are contained in a civil complaint that the SEC filed on Friday, Sept. 29, in the Central District of California. The complaint identifies Mr. McDiarmid as a Canadian who has lived in B.C., Hong Kong and the Philippines. He purports to be a financial consultant who helps companies go public. The SEC lists Mr. Telford as a Canadian living in the Philippines.
The scheme, as described by the SEC, involved an OTC Link listing called Interactive Multi-Media Auction Corp. The company was a purported auctioneer and dealer of fine art, fashion and design. Its sole officer and director (who is not a defendant and is not accused of any wrongdoing) was a Vancouver resident.
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