The SEC is seeking repayments from an alleged pump\u002Dand\u002Ddump stock scheme, fines and interest totalling nearly $75 million.
B.C. Supreme Court Justice Amy Francis ruled there was no basis for denying the freeze order on those arguments. In her ruling, Francis noted there was some evidence on face value to support the defendants were involved in a complex securities fraud scheme that involved shell companies, secret encrypted communications, and a clear pattern of deceptive behaviour. The U.S. case has not been decided yet, which the defendants are fighting.
“Considering the conduct alleged, the type of assets involved, and the general circumstances, I find this case to be an appropriate one to draw the permissible inference that the alleged fraudulent activities of the defendants give rise to a risk of dissipation,” Francis said in her 26-page ruling.Article content
Two others the SEC is seeking to be covered by the freeze order — Frederick L. Sharp, 70, of West Vancouver, and Graham R. Taylor, 52, of Vancouver — will face a hearing at a later date.
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