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by Mike Caswell

The U.S. Securities and Exchange Commission has added to the regulatory history of Oliver Lindsay, a previously jailed Vancouverite, winning a fine against him for an insider trading case from 2021. The SEC claimed that Mr. Lindsay was part of a scheme involving a supposed blockchain listing. According to the regulator, he learned in advance about a deal that had the stock nearly double in price.

The fine is contained in a proposed judgment that the SEC filed on Thursday, Sept. 5, in federal court in New York. The judgment, which represents a negotiated settlement, requires Mr. Lindsay to pay $75,000. (All figures are in U.S. dollars.) Mr. Lindsay did not admit to any wrongdoing in agreeing to pay the fine, which still requires approval from the judge.

For Mr. Lindsay, the judgment comes after he spent time in a U.S. prison on unrelated criminal charges. Prosecutors in California claimed that he was part of a separate scheme to boost Kelvin Medical Inc., a supposed medical device maker, with manipulative trades, misleading tout sheets and a phone room. The scheme sent the stock to a $1.70 high. There was no trial for Mr. Lindsay, as he pleaded guilty to one count of conspiracy on Aug. 1, 2019, with the judge subsequently ordering him to serve 17 months. He has since completed his sentence and returned to the Vancouver area. (He signed the document for Thursday's judgment before a notary public in Squamish).

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