This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has won $10.8-million in fines plus $11.9-million in disgorgement in its case against U.K. resident Timothy Page for a series of pump-and-dumps run through Vancouver. (All figures are in U.S. dollars.) The SEC said that Mr. Page and his son were behind an OTC Markets scheme that involved four listings between 2016 and 2019. The men illegally sold shares using private entities controlled by Vancouver's Steve Bajic and another Canadian, Rajesh Taneja, the SEC claimed.

The penalties for Mr. Page are contained in a judgment that the SEC released on Wednesday, Nov. 20. The fines and disgorgement apply to Mr. Page and to several private entities associated with him. Included with the fines is a $7.6-million amount that Mr. Page must pay personally. The judge also entered an injunction barring future violations. The penalties are by default, Mr. Page having ignored the case.

It is not clear now much of the judgment the SEC will collect, but it could realize at least some amount. The SEC previously obtained court orders freezing several bank accounts associated with Mr. Page. Those accounts are held at Barclays Bank, HSBC Bank PLC, Coutts and Co., Banca Dello Stato del Cantone Ticino, Westpac Banking Corp., and MKB Bank (with those accounts located in the United Kingdom, Switzerland, Fiji and Hungary).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS