pump and dumps
Joshua Lankford, a fugitive stock broker from Dallas.
former Canadian broker Dean Sheptycki.
everyone should do pump and dumps becuase in Canada nobody goes to JAIL.
Sheptycki
When prosecutors initially indicted Mr. Sheptycki, the lone Canadian defendant, he was in the Bahamas. Police there arrested him on the U.S. warrant, but a subsequent extradition attempt failed after prosecutors did not file an authority to proceed on time. A Bahamian judge released him and U.S. authorities have not been able to locate him since.
Prior to his trouble in the U.S., Mr. Sheptycki was a broker at the Calgary branch of C.M. Oliver & Company Ltd. His brokerage career ended in 1998 after the Alberta Securities Commission sanctioned him for unauthorized trading. According to the ASC, he used a client's account to buy $95,472 worth of shares in an Alberta Stock Exchange listing called Timbuktu Gold Corp., and left a client with a debt that was beyond his means. The ASC suspended him for 18 months, and he never returned to the brokerage industry.
When prosecutors initially indicted Mr. Sheptycki, the lone Canadian defendant, he was in the Bahamas. Police there arrested him on the U.S. warrant, but a subsequent extradition attempt failed after prosecutors did not file an authority to proceed on time. A Bahamian judge released him and U.S. authorities have not been able to locate him since.
Prior to his trouble in the U.S., Mr. Sheptycki was a broker at the Calgary branch of C.M. Oliver & Company Ltd. His brokerage career ended in 1998 after the Alberta Securities Commission sanctioned him for unauthorized trading. According to the ASC, he used a client's account to buy $95,472 worth of shares in an Alberta Stock Exchange listing called Timbuktu Gold Corp., and left a client with a debt that was beyond his means. The ASC suspended him for 18 months, and he never returned to the brokerage industry.
September 1, 1996 | Time to tick off Timbuktu. (Timbuktu Gold Corporation)(African gold mining industry) Excitement over the recent rush for gold in West Africa has been dampened because one Canadian mining company has been caught tampering with samples.It didn't taken long for Canada's junior mining companies to gain a reputation as entrepreneurs which venture into parts of West Africa where their larger counterparts often fear to tread. However, a recent scandal involving Timbuktu Gold Corporation (TGC) has temporarily tarnished the image of these intrepid gold diggers and contributed to a slide in transcontinental stock exchanges.
TGC has admitted that samples from a Mali gold property have been tampered with and an independent review points to "deliberate sample enrichment." Allegations that shavings of Kruggerrand could be seen in the drill hole have also appeared in Canada's respected mining press. One inevitable upshot of this mischief is a suspension of TGC's shares …
http://www.highbeam.com/doc/1G1-18685577.html
TGC has admitted that samples from a Mali gold property have been tampered with and an independent review points to "deliberate sample enrichment." Allegations that shavings of Kruggerrand could be seen in the drill hole have also appeared in Canada's respected mining press. One inevitable upshot of this mischief is a suspension of TGC's shares …
http://www.highbeam.com/doc/1G1-18685577.html
U.S. Securities and Exchange Commission has filed a motion seeking $50.3-million in penalties
SEC seeks $50-million (U.S.) from Lankford
2011-07-07 14:12 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-DPRK) Deep Rock Oil and Gas Inc
by Mike Caswell
The U.S. Securities and Exchange Commission has filed a motion seeking $50.3-million in penalties for Joshua Lankford, a fugitive stock broker from Dallas. (All figures are in U.S. dollars.) The amount represents disgorgement of profits for three pump-and-dumps that occurred in 2005, including one that exploited the devastation caused by hurricane Katrina. The penalty, should the SEC win it, would be a decision by default as Mr. Lankford has not responded to the case.
Mr. Lankford would be the second promoter fined for the scheme, the first being former Canadian broker Dean Sheptycki. On March 11, 2011, the SEC secured a $98.7-million default judgment against Mr. Sheptycki, who also had not answered the case. The regulator claimed that he transmitted misleading faxes that aided the scheme.
The charges the men faced stemmed from three promotions, including the 2005 pump-and-dump of National Storm Management Inc. The men held the company out as a storm reconstruction outfit in the wake of hurricane Katrina, the storm that devastated New Orleans in 2005. As Mr. Sheptycki sent out faxes promoting the stock, Mr. Lankford and others carried out a series of manipulative trades through nominee accounts, the SEC said.
The allegations were the subject of both civil and criminal prosecutions launched in Oklahoma. In the criminal case, the government considers both Mr. Lankford and Mr. Sheptycki to be fugitives and has issued arrest warrants for them. So far it has not been able to locate either man.
If the two men are arrested and convicted, they could face significant jail terms. One of their co-defendants, Oklahoma lawyer David Gordon, received a 15-year sentence after a jury convicted him for his role in the scheme. The other man charged in the case, Oklahoma stock promoter Richard Clark, is serving a 12-year term. Mr. Gordon and Mr. Clark have appealed their sentences.
In its motion for a default judgment against Mr. Lankford, the SEC says it has done all it can do to notify him of the case. It has sent packages to his last known address and provided copies of the complaint to his last known lawyers (who both said they no longer represented him). It has also published a notice in a Tulsa newspaper. Given that he is a fugitive in the criminal matter, the SEC says there is little else it can do to notify him of the case.
As for penalties, it says that disgorgement of the overall gain from the scheme is appropriate, plus interest, bringing his total financial penalty to $50.3-million. In addition, the SEC has asked the judge to impose a civil penalty between $130,000 and the total amount of the illegal gain. Finally, the motion seeks a permanent penny stock ban for Mr. Lankford.
SEC's complaint
The SEC initially filed a complaint against the four men on Feb. 10, 2009, in the Northern District of Oklahoma. It claimed that they fraudulently promoted National Storm and two other companies, Deep Rock Oil and Gas Inc. and Global Beverage Solutions Inc. The SEC identified Mr. Lankford as a broker from Dallas and Mr. Sheptycki as an employee of Stockwire Inc., a Florida company that ran a website called www.stockwire.com.
The National Storm promotion, as described in the complaint, took place in September, 2005. Earlier that year, Mr. Gordon and Mr. Lankford had acquired millions of free-trading shares in the company using fraudulent legal opinions. They then hired Mr. Sheptycki, who promoted the stock with mass faxes, and arranged for spam e-mails to tout the company.
The spam, which went out after hurricane Katrina, stated that National Storm "is poised for a massive run up as demand to repair homes skyrockets." The company went from 50 cents to a $2.80 high. (It last traded for 0.45 cent.)
At the same time, Mr. Lankford and Mr. Gordon carefully executed several manipulative trades using nominee accounts, the SEC said. "To ensure that the market price remained artificially elevated, Gordon and Lankford coordinated their trading so as to not dump too much stock into the market during the promotions and provided buy-side support when there were too many other retail investors selling stock," the complaint read.
The promotions of the other two companies followed similar scripts, according to the SEC. Trading records show that Deep Rock went from 12 cents to $1.13 in 2005. (It was last at 0.15 cent.) During the scheme, the men dumped millions of shares in the companies, generating $20-million in gains (which the SEC now says was $43.9-million).
The SEC sought disgorgement of ill-gotten gains, appropriate civil penalties and penny stock bans.
Sheptycki
When prosecutors initially indicted Mr. Sheptycki, the lone Canadian defendant, he was in the Bahamas. Police there arrested him on the U.S. warrant, but a subsequent extradition attempt failed after prosecutors did not file an authority to proceed on time. A Bahamian judge released him and U.S. authorities have not been able to locate him since.
Prior to his trouble in the U.S., Mr. Sheptycki was a broker at the Calgary branch of C.M. Oliver & Company Ltd. His brokerage career ended in 1998 after the Alberta Securities Commission sanctioned him for unauthorized trading. According to the ASC, he used a client's account to buy $95,472 worth of shares in an Alberta Stock Exchange listing called Timbuktu Gold Corp., and left a client with a debt that was beyond his means. The ASC suspended him for 18 months, and he never returned to the brokerage industry.
Posted by stockman at 2011-07-08 10:57
Do not forget to mention that Casey is a hottie; whereas Sheptycki looks like a broken bag of nails.
Posted by Phat Dean woefully underemployed at 2011-07-08 14:03
Simply disgusting how a senator can maintain a "clean" reputation via the courts after having any dealings with the Teamsters. Everyone knows the corrupt history of the Teamsters. And that the so-called Canadian justice system protects those who have long ties with such an organization and a longer history of dubious dealings makes a complete mockery of libel and slander law. Canada needs to pull its collective head out.
Posted by rron at 2011-07-10 18:52
2011-07-07 14:12 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-DPRK) Deep Rock Oil and Gas Inc
by Mike Caswell
The U.S. Securities and Exchange Commission has filed a motion seeking $50.3-million in penalties for Joshua Lankford, a fugitive stock broker from Dallas. (All figures are in U.S. dollars.) The amount represents disgorgement of profits for three pump-and-dumps that occurred in 2005, including one that exploited the devastation caused by hurricane Katrina. The penalty, should the SEC win it, would be a decision by default as Mr. Lankford has not responded to the case.
Mr. Lankford would be the second promoter fined for the scheme, the first being former Canadian broker Dean Sheptycki. On March 11, 2011, the SEC secured a $98.7-million default judgment against Mr. Sheptycki, who also had not answered the case. The regulator claimed that he transmitted misleading faxes that aided the scheme.
The charges the men faced stemmed from three promotions, including the 2005 pump-and-dump of National Storm Management Inc. The men held the company out as a storm reconstruction outfit in the wake of hurricane Katrina, the storm that devastated New Orleans in 2005. As Mr. Sheptycki sent out faxes promoting the stock, Mr. Lankford and others carried out a series of manipulative trades through nominee accounts, the SEC said.
The allegations were the subject of both civil and criminal prosecutions launched in Oklahoma. In the criminal case, the government considers both Mr. Lankford and Mr. Sheptycki to be fugitives and has issued arrest warrants for them. So far it has not been able to locate either man.
If the two men are arrested and convicted, they could face significant jail terms. One of their co-defendants, Oklahoma lawyer David Gordon, received a 15-year sentence after a jury convicted him for his role in the scheme. The other man charged in the case, Oklahoma stock promoter Richard Clark, is serving a 12-year term. Mr. Gordon and Mr. Clark have appealed their sentences.
In its motion for a default judgment against Mr. Lankford, the SEC says it has done all it can do to notify him of the case. It has sent packages to his last known address and provided copies of the complaint to his last known lawyers (who both said they no longer represented him). It has also published a notice in a Tulsa newspaper. Given that he is a fugitive in the criminal matter, the SEC says there is little else it can do to notify him of the case.
As for penalties, it says that disgorgement of the overall gain from the scheme is appropriate, plus interest, bringing his total financial penalty to $50.3-million. In addition, the SEC has asked the judge to impose a civil penalty between $130,000 and the total amount of the illegal gain. Finally, the motion seeks a permanent penny stock ban for Mr. Lankford.
SEC's complaint
The SEC initially filed a complaint against the four men on Feb. 10, 2009, in the Northern District of Oklahoma. It claimed that they fraudulently promoted National Storm and two other companies, Deep Rock Oil and Gas Inc. and Global Beverage Solutions Inc. The SEC identified Mr. Lankford as a broker from Dallas and Mr. Sheptycki as an employee of Stockwire Inc., a Florida company that ran a website called www.stockwire.com.
The National Storm promotion, as described in the complaint, took place in September, 2005. Earlier that year, Mr. Gordon and Mr. Lankford had acquired millions of free-trading shares in the company using fraudulent legal opinions. They then hired Mr. Sheptycki, who promoted the stock with mass faxes, and arranged for spam e-mails to tout the company.
The spam, which went out after hurricane Katrina, stated that National Storm "is poised for a massive run up as demand to repair homes skyrockets." The company went from 50 cents to a $2.80 high. (It last traded for 0.45 cent.)
At the same time, Mr. Lankford and Mr. Gordon carefully executed several manipulative trades using nominee accounts, the SEC said. "To ensure that the market price remained artificially elevated, Gordon and Lankford coordinated their trading so as to not dump too much stock into the market during the promotions and provided buy-side support when there were too many other retail investors selling stock," the complaint read.
The promotions of the other two companies followed similar scripts, according to the SEC. Trading records show that Deep Rock went from 12 cents to $1.13 in 2005. (It was last at 0.15 cent.) During the scheme, the men dumped millions of shares in the companies, generating $20-million in gains (which the SEC now says was $43.9-million).
The SEC sought disgorgement of ill-gotten gains, appropriate civil penalties and penny stock bans.
Sheptycki
When prosecutors initially indicted Mr. Sheptycki, the lone Canadian defendant, he was in the Bahamas. Police there arrested him on the U.S. warrant, but a subsequent extradition attempt failed after prosecutors did not file an authority to proceed on time. A Bahamian judge released him and U.S. authorities have not been able to locate him since.
Prior to his trouble in the U.S., Mr. Sheptycki was a broker at the Calgary branch of C.M. Oliver & Company Ltd. His brokerage career ended in 1998 after the Alberta Securities Commission sanctioned him for unauthorized trading. According to the ASC, he used a client's account to buy $95,472 worth of shares in an Alberta Stock Exchange listing called Timbuktu Gold Corp., and left a client with a debt that was beyond his means. The ASC suspended him for 18 months, and he never returned to the brokerage industry.
Posted by stockman at 2011-07-08 10:57
Do not forget to mention that Casey is a hottie; whereas Sheptycki looks like a broken bag of nails.
Posted by Phat Dean woefully underemployed at 2011-07-08 14:03
Simply disgusting how a senator can maintain a "clean" reputation via the courts after having any dealings with the Teamsters. Everyone knows the corrupt history of the Teamsters. And that the so-called Canadian justice system protects those who have long ties with such an organization and a longer history of dubious dealings makes a complete mockery of libel and slander law. Canada needs to pull its collective head out.
Posted by rron at 2011-07-10 18:52
