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SEC defendant Heatherington looks to exit LA jail

2021-06-09 20:23 ET - Street Wire

Also Street Wire (U-PELE) Pro Elite Inc

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by Mike Caswell

Colin Heatherington, the Vancouver Island man recently extradited to the United States for the Absolute Capital Management Holdings Ltd. fraud, has asked a judge to free him on bond while he awaits trial. He says that he represents no serious flight risk, as he had many opportunities to flee prior to his extradition. He also claims to have little money and no passport.

The request from Mr. Heatherington, 45, comes as he awaits trial for a hedge fund scheme from 2007. Prosecutors in California claim that he and others stuffed hedge funds with $440-million in penny stocks that they had manipulated. (All figures are in U.S. dollars.) Investors lost $215-million, while Mr. Heatherington and his associates realized millions of dollars in gains, the government said. According to prosecutors, they used the money to buy luxury cars, homes worth millions and a yacht.

The case is six years old, but Mr. Heatherington only recently arrived in U.S. custody, as prosecutors had to have him extradited from Canada. As with many extraditions, his was a slow process that only ended when he abandoned an appeal. Since his arrival in the U.S. on May 27, 2021, Mr. Heatherington has been in a federal detention centre in Los Angeles. Prosecutors have asked the judge to keep him there, saying that they spent years having him extradited, and would have to do so again should he leave the U.S.

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