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by Mike Caswell

The U.S. Securities and Exchange Commission has won a default order against Luis Carrillo, the former San Diego lawyer who has failed to answer charges arising from a scheme with two Vancouver companies on the OTC Markets. The SEC claimed that Mr. Carrillo was behind the illegal sale of shares in those companies, employing a Colombian boiler room that pitched the stocks to investors. He facilitated the sale of $7-million worth of stock in one of those companies and $5.2-million worth in the other, the SEC said. (All figures are in U.S. dollars.)

The default order, handed down on Jan. 27, 2023, in federal court in Boston, comes with Mr. Carrillo having failed to respond to the charges, despite being served. The order clears the way for the SEC to seek penalties against him without going to a trial. The order does not state what those penalties could be, but when it filed the case the SEC sought an appropriate fine and disgorgement of Mr. Carrillo's gains.

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