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by Mike Caswell
The U.S. Securities and Exchange Commission has won an order in the Supreme Court of British Columbia freezing the assets of several individuals charged alongside West Vancouver's Frederick Sharp. The SEC says that the group helped with multiple pump-and-dumps on the U.S. markets, with those schemes producing over $1-billion in gains. (All figures are in U.S. dollars.) Through a clandestine communications network, the group concealed share positions and the illegal proceeds derived from selling those positions, the SEC claims.
The order, handed down on March 21, 2023, applies to five individuals associated with Mr. Sharp, with the order listing them as Yvonne Gasarch, Courtney Kelln, Mike Veldhuis, Paul Sexton and Jackson Friesen. In a separate U.S. case, the SEC is seeking a combined $54.9-million in disgorgement and interest against the group, and intends to use the B.C. order to secure any assets that they have in the province. (The SEC is also pursuing a freeze order in B.C. against Mr. Sharp and another Vancouver-area defendant, Graham Taylor, but that application has yet to go before a judge.)
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