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Canadian Regulators v U.S. Regulators: 1-0. Rematch?

Never mind the bear market…pump-and-dumpers are worse than ever! Beware of Internet-based stock promoters…look at what happened in these latest cases and don’t be a sucker.

A good source, a former floor trader on the AMEX and NYSE options, turned us on to scammers selling stocks on the Internet with his latest report identifying suspicious market activity (a.k.a. pump-and-dump) in Skymark and Pacific Blue Energy.

Then, the Alberta Securities Commission confirmed his suspicions, and beat the U.S. Securities & Exchange to the punch on catching this activity, allegedly via Luniel DeBeer (TSHO/PBEC) and Canadian-based Skymark et al (the Kirks and their cold call brokers).

According to Yolanda Holtzee, an investor and gadfly circling the SEC, the regulators missed a few persons/entities of interest such as NYC-based Stillman who permitted Ben Kirk to ghostwrite a research report under his name and disseminate it via the web.

Also, according to Ms. Holtzee, there was no mention of FINRA-registered advisor, Joseph Anthony Padilla of Scottsdale Capital Advisors. His name prominently has appeared in many unsolicited e-mails and research reports issued by Skymark, Liberty, and/or ESR.

We’ll keep you updated on pump-and-dumpers as much as possible in the coming months.

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3 responses

  1. Technically, I was never with the SEC. Arthur Levitt shut down the Seattle SEC office a long time ago. It was full of deadwood and never produced any cases.

    I applaud the ASC for beating the SEC to the punch on this situation. Their people are a pleasure to work with and return phone calls the same business day.

    That report by the former NYSE floor trader is excellent. It’s too bad the Director of NYC FINRA office (Hans Reich) doesn’t make that guy a job offer. Perhaps someone should send him a copy of this blog post and ask him what his excuse is. They have several open positions which I am certain that former floor trader is more than qualified for.

    August 25, 2010 at 6:20 pm

    • thanks Yolanda. i’d rather be accurate than sorry! I will update …

      August 25, 2010 at 6:49 pm

  2. M. Kenneth

    We can expect the Canadians to be superior in Ice Hockey (Olympics) but not as securities regulators.

    August 25, 2010 at 6:28 pm

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