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by Mike Caswell

The U.S. Securities and Exchange Commission has won a court order freezing several assets belonging to Domenic Calabrigo, a Canadian charged in the United States for participating in pump-and-dumps that generated $21-million in gains. (All figures are in U.S. dollars.) The SEC says that Mr. Calabrigo was part of a group that unloaded millions of shares of U.S. listings through offshore nominees amidst paid promotions. His co-accused include B.C.'s Curtis Lehner and Courtney Vasseur.

The asset freeze for Mr. Calabrigo, 29, is contained in an order entered in federal court in New York on Thursday, July 14. The order freezes two condominiums in the Bahamas (described as the Paradise Island Condominiums), one of which served as Mr. Calabrigo's residence and the other as a rental property. The order also freezes bank accounts in New York, the Bahamas, the Cayman Islands and in Canada.

The asset freeze is a product of some negotiation, with Mr. Calabrigo agreeing to its terms. The order allows for him to spend $150,000 on legal fees and to access $7,500 per month to cover his living expenses. Thursday's order is a preliminary one, and comes with the case still in its early stages. Mr. Calabrigo has yet to file a response to the allegations, and the judge has not made any findings against him.

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