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SEC fends off challenge from Vancouver's Stubos

2022-10-11 20:51 ET - Street Wire

Also Street Wire (U-PSON) Petrosonic Energy Inc

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by Mike Caswell

Vancouver's George Stubos has lost an effort to have charges dropped that he faces for a $21.4-million scheme on the OTC Markets. (All figures are in U.S. dollars.) He had complained that the case, brought by the U.S. Securities and Exchange Commission, came too late and that the SEC lacked jurisdiction over him. Unfortunately for Mr. Stubos, the judge has found that the charges were timely and that the SEC does have jurisdiction.

The finding comes as part of a case that the SEC is pursuing against Mr. Stubos, 55, for the sale of millions of shares in two OTC Markets listings between 2012 and 2015. The SEC claims that he secretly held large blocks of shares through offshore accounts. He sold that stock amidst a $3.3-million paid promotion, the SEC says.

With the case yet to make it to trial, Mr. Stubos had asked the judge to throw the matter out of court. His argument was based more on technical points of law than anything else. Among other things, he said that the events at issue occurred between 2012 and 2015, more than seven years before the SEC charged him and well outside of the five-year limitation period.

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