Tuesday, December 21, 2021

SEC wants $52.8m from fraudster Sharp

The U.S. Securities and Exchange Commission has asked for a $52.8m judgment against West Vancouver's Frederick Sharp for the illegal sale of hundreds of millions of dollars worth of stock. The SEC says Sharp, 69, was the mastermind of a massive scheme that was highly egregious, repeated, and intentionally fraudulent. The SEC is also seeking a $23.9m fine. A substantial fine is necessary to deter "such blatant and continuous violations of the law." Five years after Sharp was exposed as a major player in the "Panama Papers" offshore finance scandal, he is now facing prosecution in the US.
He has had his assets frozen by the SEC and has an arrest warrant outstanding. Sharp nicknamed himself "Bond". He is one of six British Columbians charged with violating anti-fraud provisions of the U.S. Securities Act.
Zhiying Gasarch, Courtney Kelln, Mike Veldhuis, Jackson Friesen, Paul Sexton and Avtar Singh Dhillon are others. Sharp's company, Corporate House, created more than 1,200 corporate entities, making him the most significant Canadian player in the Panama Papers leak. Sharp and his cohorts could face up to 20 years in prison, plus five years for the conspiracy charges.
Avtar Dhillon