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SEC's case based on "fictional accounts," B.C. man says

2023-08-14 20:39 ET - Street Wire

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by Mike Caswell

Jackson Friesen, a B.C. man charged by the U.S. Securities and Exchange Commission alongside West Vancouver's Frederick Sharp for his part in "lucrative, fraudulent schemes" to dump millions of shares, has asked that a judge throw out the evidence against him. He claims that the SEC is trying to improperly introduce records seized from computers in the Carribean nation of Curacao. Those records are "fictional accounts" that the SEC is presenting in an effort to link him to an international conspiracy, he says.

The claims from Mr. Friesen come in response to a case that the SEC has been pursuing against him, Mr. Sharp and others for over two years. The regulator claims that Mr. Sharp facilitated the illegal sale of as much as $1-billion worth of shares in several U.S. listings. (All figures are in U.S. dollars.) Mr. Sharp concealed share positions and ran a clandestine communications network, according to the SEC.

The SEC said that Mr. Friesen was part of a group that used Mr. Sharp's services to secretly sell shares between 2012 and 2014. Among other things, encrypted communications maintained by Mr. Sharp had Mr. Friesen allegedly receiving a "cut" from share sales, with an added message telling him to "Buy a boat [expletive]. Rich mother [expletive]." In all, the SEC claims that Mr. Friesen realized $9-million from the scheme.

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