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by Mike Caswell

The U.S. Securities and Exchange Commission has dropped its case against Canadian Dean Shah, who was charged for the Zenosense Inc. pump-and-dump from 2017. The SEC claimed that he and others, including Ontario's Julius Csurgo, were part of a scheme to tout Zenosense as a developer of a supposed hand-held cardiac diagnostic device. The stock went to a $3.50 high as people connected to the company unloaded $13.4-million worth of shares, the SEC said. (All figures are in U.S. dollars.)

The dismissal is contained in a brief notice that the SEC filed in federal court in New York on Thursday, Feb. 20. The SEC says that, after lengthy efforts to find Mr. Shah and serve him, it has determined that he is no longer alive. The SEC does not say anything about his death, other than to say that it occurred on July 20, 2024.

When it filed the case, the SEC described Mr. Shah as a citizen of Canada and the United Kingdom. It is not clear from Thursday's filing where Mr. Shah was living when he died, but the SEC previously said that he was residing in Spain. In any event, he did not respond to the charges, and the SEC did not succeed in serving him with the case.

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