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SEC files fraud charges against Vancouver's Stubos

2022-06-08 20:46 ET - Street Wire

Also Street Wire (U-PSON) Petrosonic Energy Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission, Canada's finest penny stock regulator, has filed civil fraud charges against Vancouver's George Stubos, accusing him of illegally dumping $21.4-million worth of stock amidst paid promotions. (All figures are in U.S. dollars.) The SEC claims that Mr. Stubos secretly controlled large blocks of shares in a pair of OTC Markets listings. He sold the shares through offshore nominees while concealing payments he was making to promoters, the SEC says.

The allegations against Mr. Stubos are contained in a civil complaint that the SEC released on Wednesday, June 8. The complaint identifies Mr. Stubos, 55, as a Canadian living in Vancouver. The SEC has also named his wife, Dori-Ann, as a relief defendant, claiming that she purchased property in Palm Springs, Calif., using money from Mr. Stubos's scheme.

According to the SEC, Mr. Stubos was one of the many clients of West Vancouver's Frederick Sharp. On Aug. 5, 2021, the SEC charged Mr. Sharp, 69, accusing him of running a service that catered to those looking to run a stock market scheme. He and his group provided encrypted communications and a network of offshore companies that penny stock promoters used in multiple pump-and-dump schemes. His group facilitated the sale of about $1-billion worth of stock, according to the SEC. Mr. Sharp did not answer the case, and on May 12, 2022, the SEC won a permanent ban and a $52.9-million judgment.

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catching everyone via telecommunications, surprised big paper b s artist writers havent been arrested yet with their daily pump of T deals that never issue a news release

Posted by snowden program at 2022-06-09 10:29