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by Mike Caswell

Vancouver's Oliver Lindsay, serving 17 months in a U.S. prison for a $1.4-million pump-and-dump on the OTC Markets, has a new entry in his regulatory history. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission has won a fine and injunction against him for an insider trading scheme involving a supposed blockchain listing. The SEC said that Mr. Lindsay learned in advance about a deal that had a stock nearly double in price.

The penalties for Mr. Lindsay are contained in a judgment handed down in New York on Monday, March 27. The decision orders Mr. Lindsay to pay fines and disgorge gains in amounts that the judge will determine. It also bars him from committing future violations. The decision is part of a negotiated settlement, in which Mr. Lindsay has not admitted any wrongdoing.

The sanctions come with Mr. Lindsay, 48, residing in a federal prison in the Seattle area after pleading guilty to unrelated criminal charges. Prosecutors in California claimed that he was part of a scheme to boost Kelvin Medical Inc., a supposed medical device maker, with manipulative trades, misleading tout sheets and a phone room. The scheme sent the stock to a $1.70 high. There was no trial for Mr. Lindsay, as he pleaded guilty to one count of conspiracy on Aug. 1, 2019, with the judge subsequently ordering him to serve 17 months.

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