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by Mike Caswell
The U.S. Securities and Exchange Commission has fined and banned Las Vegas lawyer Frederick Bauman, citing him for his part in four pump-and-dumps, including at least two linked to Vancouver. The SEC claims that Mr. Bauman wrote letters that allowed the improper issuance of millions of shares to hidden control persons. The schemes he facilitated included that of Sandy Steele Unlimited Inc., an OTC Markets company that the SEC separately accused a group of Canadians of touting in a $1.8-million pump-and-dump, and that of Blake Insomnia Therapeutics Inc., which was part of a larger $35-million case against yet another group of Canadians. (All figures are in U.S. dollars.)
The fine and ban for Mr. Bauman, 69, are contained in a settlement the SEC released on Wednesday, Sept. 8. The regulator has barred him from preparing opinion letters for five years and has barred him from penny stocks for five years. Mr. Bauman has also agreed to pay $73,000. He accepted the penalties without admitting any wrongdoing.
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