Fred Sharp has responded to a US$29-million claim against him.
The U.S. Securities and Exchange Commission has filed further claims against B.C. residents it alleges conducted a complex, international plan to defraud American investors by illegally trading shares in hundreds of junior public-traded companies via offshore entities.
The enterprise, known as the “Sharp Group,” allegedly used an array of offshore shell companies to conceal identities of clients involved with promoting U.S.-listed companies, thus helping them avoid disclosure requirements as they fraudulently manipulated the price of the stocks in “pump and dump schemes,” noted the commission. The group also conducted stock transfers and money transmitals via an encrypted communications network, as part of their service.
The commission is asking the court for freeze orders on 16750 Maki Rd. in Lake Country, owned by Sexton, and 2769 1st Ave. in Vancouver, owned by Friesen. The commission is also seeking to freeze vehicles belonging to the others. The commission is also seeking a court order for the defendants to provide it with a sworn statement disclosing all of their assets, including any that are beneficially owned under a nominee or jointly with another person.
Fred Sharp responds to U.S. SEC case against him Sharp was issued a US$24-million civil penalty and found liable for repayment of US$21.8 million plus US$7.2 million in interest.
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