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SEC seeks fines for Sandy Steele defendant Roe

2022-08-17 20:43 ET - Street Wire

Also Street Wire (U-SSTU) Sandy Steele Unlimited Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a Boston judge to impose sanctions of $881,406 and $845,974 against Vancouver's Doug Roe and a private entity that he owns. (All figures are in U.S. dollars.) The SEC says that Mr. Roe is a repeat violator who knowingly engaged in a scheme that defrauded investors over a period of several years. Mr. Roe also violated a prior penny stock ban.

The penalties are contained in two proposed judgments and a related memorandum that the SEC filed on Aug. 12, 2022, in federal court in Massachusetts. The sanctions against Mr. Roe include a $300,000 fine and disgorgement of $548,435 in gains, plus interest. The other proposed judgment is against Atlantean Management Corp., a private entity that Mr. Roe owns. The SEC is seeking a $300,000 fine and disgorgement of $514,502 in gains, plus interest.

It is not entirely clear if the SEC will collect the full amount, assuming the judge approves its request, but the regulator does appear poised to receive at least some money. At the outset of the case, the SEC obtained a court order freezing several assets belonging to Mr. Roe and Atlantean. Those assets included accounts at Toronto Dominion Bank, National Bank Financial and Wells Fargo Bank NA with unspecified values. Atlantean also owns a property worth about $400,000.

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