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by Mike Caswell

Domenic Calabrigo, a Canadian charged in the United States for participating in a $39.6-million pump-and-dump scheme, has pleaded not guilty. (All figures are in U.S. dollars.) U.S. authorities claim that Mr. Calabrigo and others were behind the illegal sale of millions of shares in several U.S. listings. The group unloaded the stock through offshore entities in the midst of paid promotions, the government says.

Mr. Calabrigo, 29, entered the plea in an appearance on Monday, April 25, before a federal judge in New York. The judge allowed him to go free on a $1-million appearance bond, secured by $150,000 in cash. He must surrender all travel documents and will be subject to location monitoring, likely in the form of an ankle bracelet.

The plea from Mr. Calabrigo comes just over a week after New York prosecutors and the U.S. Securities and Exchange Commission charged him and others, including B.C.'s Curtis Lehner and Courtney Vasseur. The government claims that the men were behind the pump-and-dumps of nine companies between 2016 and 2018. Mr. Calabrigo was arrested in the Bahamas on the charges, and was quickly extradited to the U.S. So far, he is the only one of the three to appear in a U.S. court.

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