10:10:25 EDT Mon 24 Jun 2024
Enter Symbol
or Name

Login ID:

SEC wins $5.86M (U.S.) in fines for Sharp associates

2024-05-13 20:14 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has won penalties totalling $5.86-million against a group of Vancouverites charged for multiple pump-and-dumps on the U.S. markets. (All figures are in U.S. dollars.) The SEC said that the group was part of the operation run by West Vancouver's Frederick Sharp, in which Mr. Sharp helped hidden insiders unload millions of shares. The scheme generated at least $1-billion in gains, the SEC said.

The penalties are contained in proposed judgments that the SEC filed on Friday, May 10, in federal court in Boston. Those fined include Mike Veldhuis, Paul Sexton and Jackson Friesen, three men who were clients of Mr. Sharp's service. They each must pay $1.56-million. Also fined were Courtney Kelln and Yvonne Gasarch, who were employed by Mr. Sharp. The fine for Ms. Kelln is $904,078 and that of Ms. Gasarch is $296,651. All five defendants are permanently banned from penny stocks as well.

The SEC said that Mr. Veldhuis, Mr. Sexton and Mr. Friesen were part of a group that participated in three pump-and-dumps, including a $45.6-million scheme with Avtar Dhillon's Stevia First Corp. from 2012 to 2018. The SEC claimed that the men unloaded millions of shares through Mr. Sharp's service amidst promotional e-mails that told investors to "Get in now; this is huge" and "Buy STVF right now!"

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Let's hope that someone in the CRA subscribes to Stockwatch

Posted by halcrow at 2024-05-14 13:23