SEC bans Biller associates Plaizier, Alvarez
2025-01-24 19:28 ET - Street Wire
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by Mike Caswell
The U.S. Securities and Exchange Commission has won permanent bans and monetary sanctions of $134,652 and $131,347 against Justin Plaizier and Chester Alvarez, two men charged alongside Vancouver's Frank Biller for a Colombian boiler room scheme. (All figures are in U.S. dollars.) The SEC claimed that the men aggressively promoted several companies to potential investors, boosting the companies as hidden shareholders unloaded millions of shares. The scheme generated gains that the SEC calculated to be $58.3-million.
The penalties for the men are contained in proposed judgments that the SEC filed on Thursday, Jan. 23, in federal court in New York. The judgments represent negotiated settlements, in which the men have accepted the penalties. Both men are permanently banned from penny stocks and are subject to injunctions barring future violations. Mr. Plaizier, a Dutch citizen living in Canada, must pay $134,652. Mr. Alvarez, a U.S. citizen, must pay $131,347. The settlements still require approval from the judge.
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“The scheme generated gains that the SEC calculated to be $58.3-million…According to the SEC, Mr. Biller and another Canadian, Raymond Dove, were the leaders of the boiler room, which charged clients up to 65 per cent of the money that they raised.”
Well, 65 per cent of $58.3 million is almost $37.8 million. While the article doesn’t say what Frankie is going to be dinged, there would surely be enough left on the table to keep him in luxury for quite some time.
One would think that the B C Securities Commission would have asked the SEC for assistance in getting Biller to cough up their $300,000 (outstanding since February of 2000).
Posted by halcrow at 2025-01-25 21:31