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SEC defendant Roe to pay at least $581,406 (U.S.)

2022-03-30 20:38 ET - Street Wire

Also Street Wire (U-SSTU) Sandy Steele Unlimited Inc

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by Mike Caswell

Vancouver's Doug Roe has agreed to a permanent injunction and to pay at least $581,406 to settle civil charges that he faces for a scheme with purported face mask maker Sandy Steele Unlimited Inc. (All figures are in U.S. dollars.) The SEC said that he participated in the issuance millions of tradable shares in Sandy Steele based on a fake cheque. He and others then unloaded $1.8-million worth of stock, according to the SEC.

The penalty for Mr. Roe is contained in a proposed judgment filed on Monday, March 28, in federal court in Boston. The judgment includes disgorgement of $548,435 in gains, plus interest. In addition, Mr. Roe may face a fine of up to $300,000, with the judge to determine the amount. Also in the judgment is a permanent injunction barring future violations. The penalties represent a negotiated settlement, in which Mr. Roe has not admitted any wrongdoing.

Not included in the judgment is a ban of any sort, with Mr. Roe already being permanently barred from penny stocks in a prior case. That ban arose from a scheme with another company, a supposed eco-tourism listing called Blue Mountain Eco Tours Inc. According to the SEC, the company had a Jamaican man as a figurehead officer and director, and failed to disclose that Mr. Roe was a control person. Mr. Roe had enlisted the company's lawyer, accountant and auditor, the SEC claimed. On Aug. 14, 2018, Mr. Roe settled that case by agreeing to accept a permanent penny stock ban and to pay a $50,000 fine. As with the present case, he did not admit any wrongdoing.

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