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by Mike Caswell

The U.S. Securities and Exchange Commission has reached an out-of-court deal with Geoffrey Wall, a Victoria man charged in a scheme that the SEC claims generated as much as $77.3-million in profits. (All figures are in U.S. dollars.) The SEC says that Mr. Wall was part of a group that improperly unloaded millions of shares in nine companies. The selling came amidst paid tout sheets, including one advising that a stock was "ready go to up ... the timing is perfect."

Word of Mr. Wall's settlement is contained in a motion filed in federal court in Boston on Wednesday, July 30. The motion contains no details of Mr. Wall's deal, as it still requires formal approval at the SEC -- a process that will take several weeks. When it filed the case, the SEC sought disgorgement of Mr. Wall's gains, which it previously listed as being at least $7.5-million. The SEC also asked for a fine and a permanent penny stock ban.

The settlement with Mr. Wall comes with the SEC having yet to serve his two co-accused, B.C. residents Jay Lee and Benjamin Kirk. For Mr. Kirk, the charges represent the second time the SEC has pursued him for stock market schemes. The SEC previously cited him for a boiler room run from Surrey and Calgary, saying that he and others promoted two pink sheets companies with spam and misleading news releases. Both stocks went to over $1 before falling under a penny. In that case, the SEC was able to find Mr. Kirk, and in 2016 he agreed to pay $6.23-million to settle the charges, without admitting any wrongdoing.

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