U.S. authorities freeze assets, charge British Columbians in 'long-running fraudulent scheme'

 

Five years after he was named as a major Canadian player in the "Panama Papers" offshore finance scandal, a former West Vancouver lawyer is now facing prosecution in the United States and has had his financial assets frozen by the U.S. Securities and Exchange Commission.

Fred Sharp, who nicknamed himself "Bond" after the film spy, according to court filings, is one of six British Columbians charged by the regulator with "violating anti-fraud provisions" of the U.S. Securities Act.

Sharp and two of his fellow B.C. defendants are also facing conspiracy and securities fraud charges by the U.S. Justice Department.

"Sharp masterminded ... long-running fraudulent schemes that collectively generated hundreds of millions of dollars from unlawful stock sales" between 2011 and 2018, the SEC said on Aug. 12.

Also facing SEC charges are six of Sharp's alleged "associates": Zhiying Gasarch of Richmond, B.C.; Surrey resident Courtney Kelln; North Vancouver's Mike Veldhuis; Jackson Friesen of Delta; Paul Sexton of Anmore, B.C.; and Avtar Singh Dhillon, a Canadian living in California.

The U.S. stock market regulator alleges the co-accused "frequently collaborated with Sharp to dump huge stock positions while hiding their control positions."  (more...)

U.S. authorities freeze assets, charge British Columbians in 'long-running fraudulent scheme'

Background:

Canadian helped arrange securities fraud with offshore sales, U.S. alleges