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SEC adds Vancouver's Sidhu, Bhogal to Renovacare case

2022-08-25 20:40 ET - Street Wire

Also Street Wire (U-RCAR) Renovacare Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has won permission from a New York judge to add two B.C. men to its case against Vancouver's Harmel Singh Rayat for the pump-and-dump of Renovacare Inc., an OTC Markets listing with a supposed burn healing device called the "SkinGun." The SEC claims that Mr. Rayat secretly paid for a $50,000-per-month tout sheet to boost the stock with false claims and pictures showing the supposed results of the company's burn healing device. (All figures are in U.S. dollars.) When asked about the paid touts by the OTC Markets, he specifically denied having any part in them.

The newcomers to the case include Vancouver-area residents Jatinder Bhogal and Jeetenderjit Singh Sidhu, who the SEC identified as having a part in the scheme after filing the charges. The SEC says that Mr. Bhogal helped prepare promotional materials and sold shares as the tout sheets were boosting the stock. In addition, he and Mr. Sidhu participated in manipulative trades, according to the SEC. The addition of the men is contained in an order entered on Thursday, Aug. 25, by a federal judge in New York. In addition to the B.C. men, the judge has allowed the SEC to add a California woman, Sharon Fleming, who served as a third party investor relations consultant.

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