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by Mike Caswell

Vancouver-area resident Jay Lee has reached an out-of-court deal to settle charges he faces from the U.S. Securities and Exchange Commission over a pump-and-dump scheme he participated in that generated as much as $77.3-million in gains. (All figures are in U.S. dollars.) The SEC claimed that he and others sold millions of shares in nine companies in the midst of paid promotions. The men were among many associated with West Vancouver's Frederick Sharp, who ran an offshore platform that helped with multiple pump-and-dumps, the SEC said.

Word of Mr. Lee's settlement is contained in a notice that the SEC filed in federal court in Boston on Monday, Nov. 9. The document is a brief one, containing no details of the deal. That information will only emerge once the SEC's commissioners have approved the settlement. When it filed the case, the SEC sought a permanent ban for Mr. Lee, along with an appropriate fine and disgorgement of his gains.

While there are no details of Mr. Lee's settlement, it comes with one of his co-accused, Victoria's Geoffrey Wall, having previously agreed to pay $4.26-million to settle the matter. He also accepted a permanent penny stock ban. In reaching the deal, Mr. Wall did not admit to any wrongdoing.

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