West Vancouver lawyer banned from B.C.’s investment market, financial regulator says
A West Vancouver lawyer has been permanently banned from practicing in B.C.’s investment market after allegedly generating over a billion dollars from illegal stock sales in the U.S.
In a news release Tuesday, the B.C. Securities Commission confirmed Frederick Langford Sharp, along with several associates, was named by the U.S. Securities and Exchange Commission as a defendant in a 2021 civil complaint in federal court.
According to the SEC judgement, it’s alleged that Sharp was the mastermind of a complex scheme from 2011 to 2019.
The SEC said Sharp and his associates “enabled control persons of penny stock companies, whose stock was publicly traded in the U.S. securities markets, to conceal their control and ownership of huge amounts of penny stock and then surreptitiously dump the stock into the U.S. markets.”
It’s said Sharp used various schemes including using offshore trading platforms, encrypted communications, and an accounting system to keep track of his clients’ stocks.
He allegedly generated over $1 billion in gross proceeds from the fraudulent scheme.
However, Sharp did not participate in the civil proceeding and in May 2022, the court entered a final judgement against him.
Sharp was ordered to pay over $50 million in monetary relief.
The BCSC said Sharp is also facing related criminal charges in U.S. federal court.
He has been charged by the U.S. Attorney’s Office with one count of conspiracy to commit securities fraud and one count of securities fraud.
The BCSC said it will be banning Sharp from several acts including trading in or purchasing any securities or derivatives, becoming or acting as a registrant or promoter and engaging in promotional activities on his own behalf.
The BCSC said so far Sharp has not provided any evidence or submissions.
CTVNews.ca Top Stories
BREAKING Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
AstraZeneca says it will withdraw COVID-19 vaccine globally as demand dips
AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a 'surplus of available updated vaccines' since the pandemic.
Toronto police seek suspect vehicle after security guard shot outside Drake's mansion
Toronto police are seeking help from the public as they continue to investigate a shooting that seriously injured a security guard outside rapper Drake's mansion.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.
Boy Scouts of America is rebranding. Here's why they've changed their name
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
World's record-breaking hot temperature streak stretches through April
The world just experienced its hottest April on record, extending an 11-month streak in which every month set a temperature record, the European Union's climate change monitoring service said on Wednesday.
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.