09:55:33 EDT Wed 22 May 2024
Enter Symbol
or Name

Login ID:

SEC cites Vancouver's Moynes for OTC pump-and-dump

2022-06-27 19:46 ET - Street Wire

Also Street Wire (U-DIGAF) Digatrade Financial Corp

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

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.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Comments for this item are closed