SEC Cracking Down Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-PBEC) Pacific Blue Energy Corp
by Mike Caswell
Wade Huettel, one of several men charged by the U.S. Securities and Exchange Commission for a boiler room operation run from the Vancouver suburb of White Rock, has agreed to a permanent ban. The SEC claimed that Mr. Huettel, a lawyer, helped design a share structure that concealed vast numbers of shares through a complex web of offshore nominees. At least some of those shares ended up being part of what the SEC said was an $11-million pump-and-dump. (All figures are in U.S. dollars.)
Mr. Huettel's acceptance of a ban is contained in a Nov. 25, 2015, letter to the judge handling the case. The letter simply advises that Mr. Huettel has abandoned his defence of the action and has consented to an order that would ban him from penny stocks and from serving as an officer or director of a public company. The letter does not mention any fines. It also does not say why Mr. Huettel has now decided to give up on the case, after defending it for over two years.
The letter to the judge comes just three months after the other partner at Mr. Huettel's law firm, Luis Carrillo, wrote a similar letter. He too accepted a penny stock ban and an order barring future violations, and abandoned his defence of the case. He and Mr. Huettel had been partners at a San Diego law firm named Carrillo Huettel LLP.
Will we eventually see action on KRN?