05:07:36 EDT Fri 23 Apr 2021
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SEC wins $14.4-million (U.S.) decision in Bajic case

2021-02-24 20:55 ET - Street Wire

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

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by Mike Caswell

The U.S. Securities and Exchange Commission has won $14.41-million in civil fines and disgorgement in its case against Vancouver's Steve Bajic and others. (All figures are in U.S. dollars.) The penalties are for three private entities that the SEC said were part of an offshore network through which Mr. Bajic or his associates allowed insiders to illegally sell shares on the market. The scheme generated $35-million in proceeds, according to the regulator.

The penalties are contained in three judgments handed down on Tuesday, Feb. 23, in federal court in New York. They apply to three entities: SSID Ltd., Tamarind Investments Inc. and Blacklight SA, incorporated in Hong Kong and Switzerland. The judgments were handed down by default, as none of the companies responded to the case. It does not appear likely that the SEC will collect the full $14.41-million (which includes $963,837 in fines), but the regulator did freeze bank and brokerage accounts belonging to those entities at the outset of the case.

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