15:16:28 EST Fri 01 Mar 2024
Enter Symbol
or Name

Login ID:

SEC seeks $2M (U.S.) order in Biller boiler room case

2022-11-17 20:34 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

The U.S. Securities and Exchange Commission has asked a judge to impose $2.07-million in sanctions on Shredderz International Corp., a private entity controlled by Canadian Raymond Dove. (All figures are in U.S. dollars.) The SEC claims that Shredderz was part of a Colombian boiler room run by Mr. Dove and former Vancouverite Frank Biller. The operation helped hidden shareholders of several companies unload millions of shares, generating $58.3-million in gains, the SEC says.

The proposed penalty for Shredderz is contained in a motion that the SEC filed in federal court in New York on Thursday, Nov. 17. The SEC is seeking disgorgement of $1.6-million in gains, plus interest. The amount represents cash that Shredderz received from offshore trading platforms and others who were working on behalf of hidden shareholders that used the boiler room, the SEC says.

The SEC seems likely to win a judgment against Shredderz, but the possibility of collecting the money may be small. Shredderz has so far ignored the case, as has its alleged owner, Mr. Dove. With the deadline for Shredderz to file a response having long passed (on April 15, 2022), the judgment the SEC is seeking would be one handed down by default.

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.


Wonder where Frankie hones his hockey skills these days as there seems to be a paucity of ice rinks in Medellin.

Surely he's not lowered himself to rollerblading or skateboarding?

Posted by halcrow at 2022-11-17 21:04

No just Skating LOL

Posted by sequential at 2022-11-18 10:22

Comments for this item are closed