20:46:49 EST Tue 27 Feb 2024
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC defendant Sharp opposes B.C. asset freeze order

2022-10-20 20:38 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

West Vancouver's Frederick Sharp, accused of helping pump-and-dumps that produced $1-billion gains, has protested a court order the U.S. Securities and Exchange Commission is seeking against him in British Columbia. (All figures are in U.S. dollars.) The SEC is attempting to freeze his assets so that it can collect a judgment that it won against Mr. Sharp in Boston. The only particular asset that the SEC has identified is a 2018 Volkswagen Golf, but the regulator is seeking a freeze over anything of value that Mr. Sharp owns.

The legal sparring stems from a U.S. case in which the SEC cited Mr. Sharp for an offshore network he ran that allowed insiders and others to secretly dump millions of shares. Mr. Sharp ignored the case, and the SEC won a default judgment against him on May 12, 2022. The judgment includes disgorgement of $21.7-million in gains, plus interest, as well as a $23.9-million fine, with the amounts still outstanding.

As part of its effort to collect the money, the SEC filed an application in the Supreme Court of British Columbia on Aug. 11, 2022, in which it sought a freeze order for assets held by Mr. Sharp and other Vancouver-area defendants. While other defendants had homes worth millions of dollars, the SEC was only able to identify one asset belonging to Mr. Sharp, with that asset being the Volkswagen Golf. The SEC did not specify a value for the car, but even when new it would not have sold for more than $30,000 (Canadian).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed