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by Mike Caswell

The U.S. Securities and Exchange Commission has won an order in the Supreme Court of British Columbia freezing assets of Frederick Sharp, the West Vancouver man accused of helping multiple pump-and-dumps on the U.S. markets. The SEC claims that Mr. Sharp helped hidden insiders unload millions of shares through offshore nominee accounts. The scheme generated $1-billion in illegal gains, according to the SEC. (All figures are in U.S. dollars.)

The asset freeze is contained in a decision published on Monday, Aug. 12 (although the date on the document indicates that the judge wrote it on June 26, 2024). A Vancouver judge has granted the SEC what is called a Mareva injunction, which prevents the transfer of assets. The judge has also ordered Mr. Sharp to produce a list of his assets.

Monday's ruling comes as part of the SEC's effort to collect an earlier judgment that it won against Mr. Sharp in Boston on May 12, 2022. A U.S. federal judge ordered him to disgorge $21.7-million in gains, and ordered him to pay a $23.9-million fine. The judge also permanently banned Mr. Sharp from penny stocks and entered an order barring future violations.

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