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by Mike Caswell

Vancouver-area man Jackson Friesen, previously ordered to pay $11.8-million to the U.S. Securities and Exchange Commission over an OTC Markets scheme, has won a legal victory against the SEC back home, albeit on a smaller scale. (All figures are in U.S. dollars.) The Court of Appeal for British Columbia has upheld a ruling that freed up cash for Mr. Friesen to pay living expenses, legal fees and tax bills. The money will come from accounts belonging to Mr. Friesen that were previously frozen.

The ruling comes in a case in which the SEC said that Mr. Friesen was part of a group that participated in three pump-and-dumps, including a $45.6-million scheme with Avtar Dhillon's Stevia First Corp. from 2012 to 2018. The SEC claimed that Mr. Friesen and others unloaded millions of shares amidst promotional e-mails that told investors to "Get in now; this is huge" and "Buy STVF right now!" On May 10, 2024, the SEC won a judgment against Mr. Friesen that included disgorgement of $11.8-million in gains. Mr. Friesen has since appealed that decision.

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