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by Mike Caswell
Anthony Killarney, one of those charged alongside Vancouver's Steve Bajic and others for a $42-million pump-and-dump scheme, has asked that the judge drop the charges against him. (All figures are in U.S. dollars.) He claims that the SEC has provided no details of his part in the fraud, simply lumping him in with the actions of others. These "slivers of activity" do not amount to any violation of the law, he contends.
The request from Mr. Killarney comes as part of a case the SEC has been pursuing against him and a group of Canadians for helping others illegally dump shares of at least 45 companies. According to the SEC, the men provided insiders with a "layer of disguise," allowing them to secretly sell shares on the market. Over a four-year period, the scheme generated $42-million, the SEC claims.
The case is still nowhere close to a trial, with the SEC mostly pursuing court orders that will preserve the contents of bank and brokerage accounts associated with the scheme. Mr. Killarney, a U.K. citizen, has not yet filed an answer to the charges and, as he sees things, there is nothing for him to respond to. In a letter to the judge dated Oct. 12, 2020, Mr. Killarney says that the SEC has provided nothing to set out how he did anything illegal. The document in which the SEC set out the case, a civil complaint, does not offer any facts describing his role in the scheme, he contends. It barely mentions him by name, and where it does name him it only describes "slivers of activity" that do not amount to fraud, he says.
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