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SEC defendant Stubos protests Petrosonic case

2022-08-03 20:45 ET - Street Wire

Also Street Wire (U-PSON) Petrosonic Energy Inc

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by Mike Caswell

George Stubos, the Vancouver man facing civil charges from the U.S. Securities and Exchange Commission for a $21.4-million scheme on the OTC Markets, has asked a judge to dismiss the case. (All figures are in U.S. dollars.) Mr. Stubos complains that the SEC filed the charges too late and that the SEC lacks jurisdiction over him. He also says that alleged connection between him and a paid promotion falls short of establishing any liability on his part.

The request from Mr. Stubos, 55, comes as part of a case in which the SEC cited him for unloading millions of shares in two OTC Markets listings between 2012 and 2015. He concealed his holdings by using offshore nominees, according to the SEC. The SEC said that the scheme included payments to promoters of $3.3-million.

In response to the charges, Mr. Stubos has filed a motion seeking the dismissal of the case in its entirety. The motion, dated July 29, 2022, mostly hinges on points of law more of interest to lawyers than laymen. According to the motion, the SEC's case stems from events that occurred in April, 2015, at the latest. The five-year limitation period in effect at the time means that the regulator initiated the case too late, the motion states. (The SEC charged Mr. Stubos on June 6, 2022, more than seven years after that date.)

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it is ok for the law to break the law without consequences? last time that happened all the law breakers became mud in countries worldwide

Posted by legal at 2022-08-04 05:57

police know the law, they break the law or your human right expecting you to verbally announce your human right or the law, and nothing happens to the police who criminally decided they would break the law until you correct them... criminals...criminality

Posted by police at 2022-08-04 05:59

Stubos pumped and dumped the stock, and is now hiding like a little rat behind a technicality... I hope he serves jail time.

Posted by Thomas. at 2022-08-04 20:38