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by Mike Caswell
The U.S. Securities and Exchange Commission says that Raymond Dove, a Canadian cited for a Colombian boiler room that boosted several OTC Markets listings, is ignoring charges he faces for the operation. The SEC claims that the boiler room, which was run by Mr. Dove and former Vancouverite Frank Biller, promoted several companies with high-pressure sales tactics. As the men were boosting the stocks, hidden shareholders unloaded millions of shares, generating $58.3-million in gains, the SEC says. (All figures are in U.S. dollars.)
The case has yet to go to trial, and it appears that there will be no need for one, at least with Mr. Dove. According to the SEC, he has failed to answer the case, despite having been served with a copy of the complaint. In a request for default filed on Thursday, Nov. 10, the SEC says that it sent Mr. Dove the complaint on Oct. 10, 2022, after which he had 21 days to file an answer. As he has yet to do so, the SEC says that he has defaulted.
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