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by Mike Caswell
The U.S. Securities and Exchange Commission has asked a federal judge in New York to impose an $8-million judgment on Raymond Dove, a Canadian charged alongside Vancouver's Frank Biller for a Colombian boiler room. (All figures are in U.S. dollars.) The SEC claimed that the men helped hidden insiders unload millions of shares. Their scheme generated $58.3-million in illegal gains, according to the SEC.
The proposed penalty for Mr. Dove is contained in a motion that the SEC filed on Jan. 24, 2025, in federal court in New York. The $8-million that the SEC is seeking includes a $3.7-million fine as well as disgorgement of $1.8-million personally and $1.6-million for amounts Mr. Dove realized through a private entity, plus interest. The SEC is also asking that the judge permanently ban Mr. Dove from penny stocks. The sanctions, should the SEC win them, would be by default, Mr. Dove having ignored the charges.
The penalties come just days after the SEC won permanent bans against two other men charged for the scheme, Justin Plaizier and Chester Alvarez. The SEC claimed that Mr. Plaizier, a Dutch citizen living in Canada, pitched companies using the alias Richard van Geld. One of those companies was OTC Markets listing PureSnax International Inc., which Mr. Plaizier said would hit a $1 high. (PureSnax reached a high of 89.5 cents during the scheme, and was trading for pennies within months.) Mr. Alvarez, meanwhile, placed small buy orders to give the appearance of activity in the stocks the boiler room was touting, the SEC said.
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