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by Mike Caswell

On the eve of the Easter long weekend, the U.S. Securities and Exchange Commission has filed civil fraud charges against a ring of penny stock promoters, led by Vancouverite Ronald Bauer, over a $145-million pump-and-dump scheme. (All figures are in U.S. dollars.) The ring, which at times included former professional football player and since-disgraced Vancouver promoter David Sidoo, ran for 14 years on a "serial basis," the SEC says. The stocks included several U.S. listings and at least one TSX Venture Exchange listing.

The charges are contained in a civil complaint that the SEC filed on Thursday, April 14, in federal court in New York. Those named included Mr. Bauer, 47, a Canadian citizen living in the United Kingdom. Also named is Mr. Sidoo, 62, a former Vancouver broker and professional football player. The other Canadian defendants are Craig Auringer, 51, believed to reside in the U.K., and Adam Kambeitz, 47, who may be living in the Cayman Islands.

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