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by Mike Caswell

The B.C. Securities Commission has permanently banned Vancouver's Oliver Barrett Lindsay, who received 17 months in a U.S. prison for a 2018 pump-and-dump on the OTC Markets. According to U.S. prosecutors, Mr. Lindsay was part of a scheme to boost Kelvin Medical Inc., a supposed medical device maker, with manipulative trades, misleading tout sheets and a phone room. The scheme generated $1.4-million in gains. (All figures are in U.S. dollars.)

The ban for Mr. Lindsay is contained in an administrative order that the BCSC released on Friday, March 7. The BCSC has permanently barred Mr. Lindsay from trading, serving as an officer or director, and promoting stocks. The order does allow Mr. Lindsay to trade using registered accounts, provided he gives the dealer a copy of Friday's order.

The BCSC ban rests entirely on the U.S. criminal case against Mr. Lindsay. In 2022, he pleaded guilty before a federal judge in California to a charge of conspiracy to commit securities fraud. The judge ordered Mr. Lindsay to serve 17 months in prison and ordered him to pay $187,893 in restitution.

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