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SEC defendant Taylor agrees to pay $4.9M (U.S.)

2023-02-15 20:39 ET - Street Wire

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by Mike Caswell

Graham Taylor, one of several Vancouver-area defendants charged by the U.S. Securities and Exchange Commission for a $140-million scheme, has reached a deal to settle the case out of court. (All figures are in U.S. dollars.) The SEC said that Mr. Taylor was part of a group that helped others conceal sales of tens of millions of shares in a sophisticated "multiyear, multi-national attack" on the U.S. financial markets. Mr. Taylor's part in the scheme included distributing proceeds from share sales.

Mr. Taylor's settlement is contained in a proposed judgment filed on Tuesday, Feb. 14, in federal court in Boston. Mr. Taylor has agreed to serve a permanent penny stock ban and to pay $4.9-million. The payment includes disgorgement of the $3.4-million in gains that he realized, plus interest, and a $207,183 fine. In agreeing to the penalties, Mr. Taylor did not admit any wrongdoing. The settlement still requires approval from the judge.

It is not clear from the judgment if the SEC will collect all of the money, but it will collect some amount. The regulator previously obtained court orders freezing several accounts belonging to Mr. Taylor. The contents of those accounts, held at Vancouver brokerages Haywood Securities Inc. and PI Financial Corp., will go toward the judgment.

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