Why is it the rumper flumper boiler rooms in Canada only get busted by the SEC...............not by Canadian regulators??
Anyways, for the AMK rumpers that claim boiler rooms try to steal shares on the cheap, just a reminder of what boiler rooms really are:
SEC wins $10.8M (U.S.) in fines for U.K.'s Page
2024-11-21 20:11 ET - Street Wire
Also Street Wire (U-ETII) Envirotechnologies International Inc
Also Street Wire (U-LRSV) Link Reservations Inc
by Mike Caswell
The U.S. Securities and Exchange Commission has won $10.8-million in fines plus $11.9-million in disgorgement in its case against U.K. resident Timothy Page for a series of pump-and-dumps run through Vancouver. (All figures are in U.S. dollars.) The SEC said that Mr. Page and his son were behind an OTC Markets scheme that involved four listings between 2016 and 2019. The men illegally sold shares using private entities controlled by Vancouver's Steve Bajic and another Canadian, Rajesh Taneja, the SEC claimed.
The penalties for Mr. Page are contained in a judgment that the SEC released on Wednesday, Nov. 20. The fines and disgorgement apply to Mr. Page and to several private entities associated with him. Included with the fines is a $7.6-million amount that Mr. Page must pay personally. The judge also entered an injunction barring future violations. The penalties are by default, Mr. Page having ignored the case.
It is not clear now much of the judgment the SEC will collect, but it could realize at least some amount. The SEC previously obtained court orders freezing several bank accounts associated with Mr. Page. Those accounts are held at Barclays Bank, HSBC Bank PLC, Coutts and Co., Banca Dello Stato del Cantone Ticino, Westpac Banking Corp., and MKB Bank (with those accounts located in the United Kingdom, Switzerland, Fiji and Hungary).
The SEC is still pursuing Vancouver's Mr. Bajic, who it accuses of providing insiders with a "layer of disguise," allowing them to secretly sell shares of 45 companies. Through Mr. Bajic's operation, insiders unloaded millions of shares on the markets, placing the stock with offshore nominees, according to the SEC. Mr. Bajic has been negotiating a settlement with the SEC, but those talks have yet to produce a deal. The SEC obtained a judgment against his associate, Mr. Taneja, who agreed to pay $947,172 to settle the case, without admitting any wrongdoing.
Wednesday's judgment comes over three years after the SEC charged Mr. Page, filing a civil complaint on Sept. 23, 2021, in the Eastern District of New York. The complaint identified Mr. Page, then 71, as a U.K. citizen who also resided in Switzerland and Fiji. Also a defendant was his son Trevor, then 35.
The SEC cited the Pages for pump-and-dumps that included that of Envirotechnologies International Inc., a purported developer of CBD products. The SEC claimed that the men controlled almost all of the tradable stock of Envirotechnologies, amounting to about 50 million shares. They disguised those holdings through a series of nominees, with a Vancouver-linked entity prominently among them, according to the complaint.
As part of the scheme, the men boosted the company through manipulative trades and a boiler room, among other things, with their efforts giving the company a market capitalization of $390-million at one point in 2017, the SEC claimed. (The stock, which hit a high of $1.93 during the scheme, was last at 0.0001 cent.) The SEC said that the men illegally sold $4.5-million worth of shares of the company from 2016 to 2018.
The SEC cited the Pages for three similar schemes, with those involving Cyberfort Software Inc., Biohemp International Inc. and Link Reservations Inc. According to the complaint, the men again used a Vancouver-linked entity, depositing 15 million shares of Link Reservations in an account in February, 2016. During the scheme, the men illegally sold 2.3 million shares of Link, generating at least $1.9-million, the SEC claimed.
Trevor Page has not yet responded to the SEC case, which is just one of his legal problems. He faces separate criminal charges in New York, where prosecutors are seeking his extradition. Authorities in London previously arrested him on a U.S. warrant. No other details of the criminal case are public, with the charges contained in a sealed court file.
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