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by Mike Caswell

The U.S. Securities and Exchange Commission and the U.S. Department of Justice have recovered $15.5-million for distribution to victims of Roger "Rocket" Knox, the U.K. man jailed for helping multiple pump-and-dumps, including at least four linked to Vancouver. (All figures are in U.S. dollars.) Over a six-year period, he allowed hidden insiders to repeatedly unload shares on the U.S. markets, the government said. His operation, described by prosecutors as a "staggering securities fraud scheme," defrauded 20,000 victims, according to the government.

Prosecutors announced the distribution of the $15.5-million in a news release on Monday, March 2. The government plans to distribute the money to 8,000 victims. (The scheme had more victims, but the government limited the distribution to those who lost $500 or more.) While the money will undoubtedly be welcome, it represents just a portion of the $137-million figure that the government associated with Mr. Knox's fraud.

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