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by Mike Caswell
The U.S. Securities and Exchange Commission has requested a $5.93-million judgment against Raymond Dove, a Canadian accused of running a Colombian boiler room alongside Vancouver's Frank Biller. (All figures are in U.S. dollars.) The SEC claims that Mr. Dove had a large part in the fraud, helping boost 18 companies over a period of two years. The scheme generated $58-million in gains during that period, according to the SEC.
The proposed penalties for Mr. Dove are contained in a motion for default judgment that the SEC filed on Dec. 13, 2022, in federal court in New York. The $5.93-million includes disgorgement of $1.8-million in gains, plus interest, and a $3.7-million fine. On top of those sanctions, the SEC is asking for a $2.04-million judgment against a private entity that Mr. Dove controls called Shredderz International Corp. The remaining sanctions are a permanent penny stock ban and an injunction barring future violations.
Should the SEC win the penalties, it is far from clear if it will collect any money. Mr. Dove has so far been ignoring the case. The SEC was unable to serve him with the case in person, with his location being unknown. The regulator said that he was living overseas and was last known to be in Japan. The SEC had to obtain permission from the judge to serve Mr. Dove with the case through e-mail.
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