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SEC wins $52.9-million judgment against Carrillo

2023-09-12 20:40 ET - Street Wire

Also Street Wire (U-ARSN) Aureus Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $52.9-million judgment against Luis Carrillo, a former San Diego lawyer accused of fraudulently selling shares of Vancouver companies on the OTC Markets. (All figures are in U.S. dollars.) The SEC said that Mr. Carrillo was behind the illegal sale of shares in several listings over a six-year period. He employed a Colombian boiler room to pitch the stocks while secretly holding millions of improperly issued shares, the SEC claimed.

The penalty for Mr. Carrillo is contained in a judgment handed down on Monday, Sept. 11, in federal court in Boston. The $52.9-million includes disgorgement of $39.3-million in gains, plus interest, and a $5.8-million fine. The judgment also permanently bans Mr. Carrillo from penny stocks.

While the decision is a victory for the SEC, the regulator is unlikely to collect the entire amount. The decision was one handed down by default, as Mr. Carrillo ignored the matter entirely. The SEC has been pursuing some of his assets, however. These include a $3.5-million house in San Diego registered in the name of relatives and a $134,500 BMW that he bought for his ex-wife.

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