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SEC freezes accounts, properties in Stubos case

2022-06-30 20:49 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 has obtained a court order freezing several bank and brokerage accounts belonging to George Stubos, a Vancouver man accused of illegally dumping $21.4-million worth of stock amidst paid promotions. (All figures are in U.S. dollars.) The SEC says that Mr. Stubos, 55, unloaded millions of shares in two OTC Markets listings between 2012 and 2014. He concealed his holdings by using offshore nominees, according to the SEC.

The asset freeze for Mr. Stubos is contained in an order entered on June 28, 2022, in federal court in New York. It applies to accounts at Canaccord Genuity Corp. and Canadian Imperial Bank of Commerce in the names of Mr. Stubos and his wife. In addition, the order freezes properties in Vancouver as well as a residence in Palm Springs, Calif. The order does allow Mr. Stubos and his wife to spend $140,000 from their accounts to pay lawyers. There was no hearing to determine the order, as its terms were agreed upon between the parties.

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