British Columbia businessman David Sedoux has been charged with fraud in a lawsuit filed by the US Securities and Exchange Commission

Vancouver businessman David Seydoux was allegedly part of a business gang that duped investors millions of dollars, according to a US Securities and Exchange Commission (SEC) court filing.

The complaint was filed in the District Court for the Southern District of New York. this daySedoux, along with seven other defendants, were mentioned as part of a “pumping and dumping” plan.

Regulators say defendants bought shares in various companies, artificially inflated their stock prices, then sold assets to unsuspecting investors, earning millions of dollars in the process.

The plan began in 2006 and continued through 2020, according to documents that organizers say the defendants illegally obtained more than $145 million.

The SEC is calling for strict regulatory action against the eight defendants, including orders that bar them from continuing to trade.

No criminal charges have been brought against Sedoux and the charges have not been substantiated in court.

However, the four defendants with him they were accused A. in electronic fraud, securities fraud and money laundering separate charge,

It’s another legal blow for former CFL player Sidhu Q. invented by order And prisoner After being embroiled in a college admissions scam in the United States in 2020.

Sedoux, 62, is also a philanthropist and former CEO of mining company Advantage Lithium Corp. and American Oil & Gas Inc. was sold in 2010 for over $600 million.

According to the complaint, the “global” scheme to defraud investors involved four of Sedoux’s other co-defendants, as well as six others charged with criminal offenses under a separate FBI investigation.

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“Malicious ‘pump and dump’ schemes have enriched defendants, while causing real harm to ordinary individual investors, who suffer losses,” US Federal Attorney Damian Williams said in a statement announcing the FBI’s criminal charges. “

None of these allegations have been proved in court.

David Seidoux in a 2011 interview with CBC News. He was stripped of the BC medal after his involvement in the 2020 college admission scam. (Radio Canada)

17 companies would go “empty”

The main defendant in the SEC complaint is Ronald Power, a dual British-Canadian citizen who investigators say currently resides in the UK.

According to the complaint, Bauer allegedly supervised several fraudulent acts using the “pump and dump” method. Investigators say he and his associates used a total of 17 companies in the scheme.

Regulators say eight people bought majority stakes in companies that used offshore companies to hide their involvement.

He then allegedly used media campaigns to persuade other investors to buy shares in their companies without disclosing their ownership.

Investors do this by creating “shell companies” — shell companies that own them — and distribute their shares to these companies. For other investors, however, no single company owned all the shares.

Sidu is believed to have been involved in organizing the plan using two companies, North American Oil & Gas Corp and American Helium Inc.

According to the complaint, Sidhu and other investors allegedly made over $16 million by defrauding investors using the companies.

Although Sedoux has not been charged with any crime, four of his co-defendants, including Bauer, face up to 20 years in prison for each crime against him.

The FBI says that several officers from around the world, including the RCMP, the Alberta Securities Commission and the Toronto Police Service, were involved in the investigation.

David Sidoo’s pitch on the UBC Vancouver campus has been renamed, at Sidoo’s request, after his involvement in the 2020 college admissions scandal. (Ben Nelms/CBC)

Siddoo played professional football for six years with the Saskatchewan Roughriders and the BC Lions.

In 2020 he was sentenced to three months in prison after being found pay $200,000 For a professional test writer to impersonate his two sons and take their own SAT exams.

His conviction resulted in him losing the British Columbia Medal – which was awarded for his charitable works – and the University of British Columbia renaming a football stadium, which was originally named after him.

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About the Author: Forrest Morton

Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.

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