01:25:34 EST Mon 20 Jan 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC charges Bajic, others for $35M (U.S.) fraud

2020-01-02 21:00 ET - Street Wire

Also Street Wire (U-BKIT) Blake Insomnia Therapeutics Inc

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 filed civil fraud charges against Vancouver's Steve Bajic and others for a scheme that involved the co-ordinated dumping of stock in at least 45 public companies. The SEC says that Mr. Bajic helped others unload $35-million worth of shares in illegal sales over a four-year period. (All figures are in U.S. dollars.) Among other things, he provided a "layer of disguise," allowing those behind the companies to secretly sell their stock, the SEC claims.

The allegations are contained in a civil complaint that the SEC filed on Thursday, Jan. 2, in federal court in New York. The complaint identifies Mr. Bajic, 49, as a dual citizen of Canada and Croatia. The other defendants include Rajesh Taneja, 43, a Canadian living in Vietnam, and Christopher McKnight, 45, a Canadian who arranged for paid promotional materials. Also named are several private entities, mostly incorporated overseas.

The scheme, as set out by the SEC, involved Mr. Bajic and Mr. Taneja setting up a network of offshore entities that could hold shares in public companies. Using those entities, the men were able to conceal control positions of insiders, the SEC claims. They typically did this by dividing up an insider's holdings between several entities, so that none would have holdings above the reporting threshold of 5 per cent. According to the SEC, this arrangement effectively allowed the men to accept large blocks of shares in public companies and secretly sell the stock. In this manner, they dumped $35-million worth of shares, the SEC says.

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

© 2020 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.


McKnight is a con artist

Posted by Bob Jones at 2020-01-04 12:30