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by Mike Caswell

Three Vancouverites who were fined for participating in the massive scheme run by West Vancouver's Frederick Sharp have taken their case to the Supreme Court of the United States, asking the court to rule on the sanctions against them. The U.S. Securities and Exchange Commission claimed that the men were part of a scheme in which Mr. Sharp helped hidden insiders unload millions of shares, often amidst paid promotions. His scheme generated at least $1-billion in gains, according to the SEC. (All figures are in U.S. dollars.)

The appeal centres around fines totalling $4.31-million and disgorgement orders totalling $46.5-million that the SEC previously won against Vancouver-area residents Mike Veldhuis, Paul Sexton and Jackson Friesen. According to the SEC, the men were part of a group that participated in three pump-and-dumps, including one with a company called Stevia First Corp., from 2012 to 2018. The SEC claimed that the men unloaded millions of shares through Mr. Sharp's service amidst promotional e-mails that told investors to "Get in now; this is huge" and "Buy STVF right now!"

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