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by Mike Caswell
The U.S. Securities and Exchange Commission has come to British Columbia looking to freeze assets belonging to West Vancouver's Frederick Sharp and others. The SEC claims that Mr. Sharp helped with multiple pump-and-dumps, with those stock schemes producing over $1-billion in gains. (All figures are in U.S. dollars.) Through a clandestine communications network, he and his associates concealed share positions and the illegal proceeds of stock schemes, the SEC says.
The SEC's request is contained in an application that the regulator filed in the Supreme Court of British Columbia on Aug. 11, 2022. The SEC is seeking a court order that would freeze any properties and vehicles owned by members of the group, along with anything else of value that they possess. The regulator has identified a few specific assets, including properties in Kitsilano and Lake Country.
In seeking the order, the SEC says that it has a strong case against the group. Mr. Sharp and the others carried out a serious fraud that generated personal profits of over $1-million for each of the group's members, the application states. Collecting the ill-gotten gains of the defendants will be difficult if they sell their assets, the SEC says.
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