Tweet China’s influential newspaper Caixin, recently investigated the renewed use of high-frequency trading (HFT) in China’s futures market, operated by foreign companies that, it reports, are incorporated under fictitious corporate purposes. According to Caixin, some HFT firms are ostensibly registered to engage in the trading of physical goods in China, when in reality they are […]
Tweet The Securities and Exchange Commission (SEC) has filed another enforcement action related to the Frederick Sharp case, this one involving the operation of a boiler room in Colombia used to solicit investments from investors for little issuers. The SEC alleges that the defendants ran a call centre boiler room in the cocaine capital of […]
Tweet The biggest money laundering case in Canadian history, only it isn’t taking place in Canada The US Securities and Exchange Commission (“SEC”) filed a proposed amended complaint on February 3, 2022, in the US District Court of Massachusetts in case of SEC v. Frederick Sharp, Avtar Dhillon, Zhiying Chen, Courtney Kelln, Michael Veldhuis, Paul Sexton, Jackson […]
Tweet Ponzi scheme is 101 years old A lot has been written about Ponzi schemes, but did you know that the Ponzi scheme seems to have had its genesis in Canada? Since this December is the 101st anniversary of the conviction of Charles Ponzi, its probably a good time to explore the Canadian side of […]
Tweet Foreign actors attacking US capital markets The Securities and Exchange Commission (“SEC“) has filed a complaint against several Vancouver individuals involved in the microcap space, calling them “foreign actors” and accusing them of attacking the US capital markets and US investors using various alleged securities fraud schemes. The SEC says that over US$1 billion […]
Tweet In 1988, Madam Justice Southin, as she then was, was judging a massive pump and dump case involving microcap issuers that was orchestrated in Vancouver, United Services Funds (Trustee of) v. Lazzell [1988] B.C.J. No. 743, 28 B.C.L.R. (2d) 26. Although 33 years old, the case should be required reading for capital markets participants […]
Tweet Two months ago, the Alberta Securities Commission (“ASC“) issued an order permanently banning two individuals it called “scoundrels” from the capital markets permanently, together with an issuer that operated a pump and dump scheme. The individuals are Cem Can (“Can“), a Turkish foreign national, and Charles Michael Miller. The issuer is Bluforest Inc. (“Bluforest” […]
Tweet The Securities and Exchange Commission (“SEC“) filed a civil complaint against 5 American promoters of the Blockchain protocol known as BitConnect this week. Investors from around the world lost over US$2 billion with BitConnect. The SEC alleges that the defendants conducted an unregistered offering and sale of securities in connection with its native coin […]
Tweet Complaint filed by the SEC The Securities and Exchange Commission (“SEC“) filed a complaint in the Southern District of New York this week against RenovaCare, Inc. (the “Company“) and Harmel Rayat (“Rayat“) alleging that material misrepresentations were made in the disclosure material filed by the Company, and that the Company used a secret paid […]
Tweet With access to justice becoming a growing problem in Canada, as more people and companies become unable to afford to litigate, or be litigated against, lawyers and governments are turning to technology to find ways to bring down the costs of litigation and of prosecution. Covid-19 has forced us to accelerate the use of […]