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.