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by Mike Caswell
The U.S. Securities and Exchange Commission has filed civil charges in an $11.9-million pump-and-dump scheme that traces at least partly to Vancouver. (All figures are in U.S. dollars.) The SEC claims that a father and son, operating from the United Kingdom, illegally sold shares in four companies on the OTC Markets from 2016 through 2019. They routed at least some of the trading through private entities controlled by Vancouverite Steve Bajic and another Canadian, Rajesh Taneja, the SEC says.
The allegations are contained in a civil complaint that the SEC filed in federal court in New York on Thursday, Sept. 23. The case targets Timothy Page, 71, and his son, Trevor Page, 36. The SEC claims that the men ran a scheme that included hiding their shares through nominees, hiring boiler rooms and attempting to have corrupt brokers buy stock in return for kickbacks.
The case is directly linked to the SEC's earlier charges against Mr. Bajic and Mr. Taneja. The regulator cited the men for running offshore network through which they allowed insiders in several companies to illegally sell shares on the market. The scheme generated $35-million in proceeds, according to the SEC. In charging Mr. Bajic and his associates, the SEC did not mention all of the stocks or name those behind the sales. Thursday's complaint fills in some of that information, claiming that Timothy and Trevor Page sold shares in at least two listings through a private entity called Norfolk Heights Ltd., which is associated with Mr. Bajic and Mr. Taneja.
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