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
Hackers release corporate data stolen from London Drugs
Retailer London Drugs says cybercriminals who stole files from its corporate head office last month have released some of the data after it refused to pay a ransom.
Toronto man falls off his chair after seeing $70M Lotto Max win in his bank account
A Toronto man who won $70 million in a recent Lotto Max draw literally fell off his chair when he saw the funds in his bank account.
Montreal-area high school students protest 'sexist' dress code
Approximately 50 Montreal-area students — the vast majority of them female — were suspended Wednesday after their school deemed the shorts they were wearing were too short. On Thursday, several students staged a walk-out to protest what they believe is a "sexist" dress code that unfairly targets girls.
McDavid scores in 2OT to lift Oilers over Stars in West Final opener
Connor McDavid tipped Evan Bouchard's shot from the boards past Dallas Stars goalie Jake Oettinger 32 seconds into the second overtime to give the Edmonton Oilers a 3-2 win in Game 1 of the Western Conference Final..
'Looking over our shoulders': A killing looms large in a little B.C. town
Something shifted in the pretty little village of Lumby, B.C., after Tatjana Stefanski vanished. It used to be the sort of place where parents let their kids roam free or play in the local creek, but everything has changed.
What is 'slapped cheek disease' and should parents be concerned?
Despite its rough name, experts say most cases of 'slapped cheek disease' are mild and not a cause for concern.
American Airlines retreats after blaming a 9-year-old for not seeing a hidden camera in a lavatory
American Airlines has distanced itself from a court filing in which the carrier said a nine-year-old girl should have noticed there was a camera taped to the seat of an airplane lavatory.
Unknown Newfoundland soldier from the First World War heads back home from France after 100 years
Canadian soldiers and government officials arrived in northeastern France this week for a historic mission: returning an unknown Newfoundland soldier back home.
Calgary Philharmonic takes action following investigation into 'deeply troubling' comments by 2 musicians
The Calgary Philharmonic has confirmed its taking action after controversial online comments made by two members of the orchestra.