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by Mike Caswell
Vancouver-area residents Jatinder Bhogal and Jeetenderjit Singh Sidhu, charged by the U.S. Securities and Exchange Commission alongside Vancouver's Harmel Singh Rayat for an OTC Markets pump-and-dump, deny that they did anything wrong. The SEC claims that the men were part of a scheme with Renovacare Inc., which had a supposed burn healing device called the "SkinGun." The men unloaded millions of dollars worth of stock amidst a $50,000-per-month paid touting campaign, the SEC says. (All figures are in U.S. dollars.)
The denials from the men are contained in answers that they filed in federal court in New York on Wednesday, Oct. 12. While the documents are 23 and 31 pages long, the men have provided few details. In response to most of the allegations, they either outright deny any wrongdoing or deny having "knowledge or information sufficient to form a belief of the truth of the allegations" as set out by the SEC.
The men admit to some routine things, such as being Canadian and owning private entities that the SEC associated with them. Mr. Sidhu admits to owning and selling shares in Renovacare, but denies that he did anything wrong in connection with those sales. Mr. Bhogal admits to being a consultant to the company and to receiving a finder's fee, but also denies that there was anything improper about his activities there.
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