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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban and $8.39-million in financial sanctions against Frank Biller, the Vancouver man charged for running a Colombian boiler room operation. (All figures are in U.S. dollars.) The SEC claimed that Mr. Biller was part of a scheme that helped hidden insiders unload millions of shares on the market. The boiler room generated illegal gains that the SEC calculated to be $58.3-million.

The penalties for Mr. Biller, 55, are contained in a consent judgment filed on Friday, Feb. 21, in federal court in New York. The $8.3-million includes disgorgement of $5.7-million in gains, plus interest. The judge has also banned Mr. Biller from penny stocks for life. Mr. Biller accepted the penalties as part of a negotiated settlement.

For Mr. Biller, the SEC sanctions represent just part of his penalty for the scheme. He separately pleaded guilty to related criminal charges in New York and awaits sentencing. The charge to which he pleaded guilty was one count of conspiracy to commit wire fraud.

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