A Boston federal district court judge has tossed an application by six B.C. residents to dismiss civil fraud charges related to a complex $1 billion-plus trading arrangement
Six British Columbians facing civil stock fraud allegations tied to an alleged, massive and multifaceted $1 billion-plus trading arrangement have been denied their motion to dismiss the case.
The group collectively argued the U.S. Securities and Exchange Commission applied an incorrect statute of limitations on the alleged violations and did not allege sufficient facts. Also named in the claim are offshore shell facilitator and former Vancouver lawyer Fred Sharp, of West Vancouver, and former B.C. cannabis company director Avtar Dhillon, a Canadian residing in Long Beach, Calif. Sharp has been found liable for the civil charges by defaulting on the case and is now subject to a US$52.9 million claim from the commission. Dhillon is under house arrest. Both are charged criminally on the matter and no court date has been set.
Following the application, the commission was provided an opportunity to amend its initial complaint by providing more details of the allegations. Kelln initially claimed she only made a nominal annual salary from Sharp but the commission provided evidence she took home about $1 million from the alleged arrangements Sharp facilitated, the judge stated.
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