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SEC defendant Knox facing $10.9M (U.S.) forfeiture

2023-02-09 20:41 ET - Street Wire

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by Mike Caswell

Boston prosecutors have requested a $10.9-million forfeiture order for Roger Knox, the U.K. man who pleaded guilty to criminal charges stemming from many pump-and-dumps, including at least four connected to Vancouver. (All figures are in U.S. dollars.) They say that the amount represents a "reasonable calculation" of Mr. Knox's gains from the scheme. The forfeiture, should the judge approve it, would be in addition to whatever jail term Mr. Knox receives for the fraud.

The request from prosecutors comes as part of a case in which the government said that Mr. Knox, 52, ran a $164-million fraud that involved the sale of millions of shares in 50 public companies. Through the use of nominees and omnibus accounts, Mr. Knox allowed insiders to secretly dump shares in the midst of touting campaigns, the government said. He and his firm, Wintercap SA, realized millions of dollars in gains from the scheme, according to prosecutors.

With Mr. Knox awaiting sentencing, prosecutors have set out what they see as an appropriate forfeiture order. In a letter filed in federal court on Thursday, Feb. 9, they calculate Mr. Knox's gains from the scheme, derived from the fees he charged for unloading shares, to be $10.9-million. They are asking that the judge include the figure in Mr. Knox's sentence, allowing them to pursue his assets up to that amount.

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