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by Mike Caswell
The U.S. Securities and Exchange Commission has asked a New York judge to impose a $16.2-million judgment on Timothy Page, a U.K. man behind an $11.9-million pump-and-dump routed through Vancouver. (All figures are in U.S. dollars.) The SEC said that Mr. Page and his son illegally sold shares in four companies on the OTC Markets from 2016 through 2019. They made the sales using private entities controlled by Vancouver's Steve Bajic and another Canadian, Rajesh Taneja, the SEC claimed.
The sanctions for Mr. Page are contained in a proposed judgment that the SEC filed in federal court in New York on May 3, 2023. The $16.2-million includes disgorgement of $7.6-million in gains, plus interest, and a $7.6-million fine. The SEC is also asking for an injunction barring future violations.
The penalties, should the SEC win them, would be by default, as Mr. Page failed to answer the charges. It is not clear now much of the $16.2-million the SEC could realize, but it would collect some amount. The SEC previously obtained court orders freezing several bank accounts associated with Mr. Page. Those accounts are held at Barclays Bank, HSBC Bank PLC, Coutts and Co., Banca Dello Stato del Cantone Ticino, Westpac Banking Corp., and MKB Bank (with those accounts located in the United Kingdom, Switzerland, Fiji and Hungary).
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