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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 Bradley J. Moynes, accusing him of running a $6-million pump-and-dump scheme on the OTC Markets. (All figures are in U.S. dollars.) The SEC claims that he secretly held millions of shares in a cryptocurrency listing for which he served as president. He unloaded the stock in the midst of a paid promotion that boosted the company to 96 cents, the SEC claims.

The allegations are contained in a civil complaint that the SEC filed on Monday, June 27, in federal court in Boston. The complaint identifies Mr. Moynes, 51, as the president of an OTC Markets listing called Digatrade Financial Corp. Prior to that, he had worked in the brokerage industry.

The case arises from the promotion of Digatrade, which called itself a "global digital asset exchange and blockchain development services company." The SEC claims that Mr. Moynes set himself up as the hidden owner of a large block of shares in early 2014. The stock, supposedly issued to settle old debts, was held through nominee entities, the complaint states. The shares were distributed in blocks small enough to avoid triggering any reporting requirements, according to the SEC.

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