B.C. Businessman David Sidoo Faces Allegations Of Fraud In Complaint By U.S. Sec

The complaint was filed in the District Court in the Southern District of New York. on Thursdaynames Sidoo along with seven other defendants as part of a “pump and landfill” system. Regulators say the defendants bought shares in various companies, artificially inflated their share prices and then sold the assets to unsuspecting investors, earning millions of dollars in the process. The program began in 2006 and continued until 2020, according to documents, and regulators say the defendants illegally earned more than $ 145 million. The SEC is seeking strict regulatory action against all eight defendants, including precautionary measures barring them from further negotiation. Sidoo is not criminally charged and the allegations have not been substantiated in court. However, four of his co-accused were charged fraud, securities fraud and money laundering in a separate indictment. It’s another legal setback for Sidoo, a former CFL player who was the Order of BC was removed and prisoner after being involved in a college admission scandal in the US in 2020. Sidoo, 62, is also a philanthropist and former CEO of mining company Advantage Lithium Corp. and a founding shareholder in American Oil & Gas Inc., which sold in 2010 for more than $ 600 million. According to the complaint, the “global” plan to defraud investors involved four of Sidoo’s co-accused, as well as six other people who have been charged in a separate FBI investigation. “These disastrous ‘pump and landfill’ systems have made the accused rich while at the same time causing real damage to ordinary, retail investors left to swallow the losses,” US Attorney Damian Williams said in a statement. None of the allegations have been proven in court. David Sidoo in an interview with CBC News in 2011. He was stripped of the BC Order after his involvement in the college admission scandal in 2020. (CBC)

17 companies allegedly “dumped”

The main defendant in the SEC complaint is Ronald Bauer, a Canadian-British dual national who investigators say is currently living in the United Kingdom. According to the complaint, Bauer supervised numerous acts of fraud using the “pump and dump” method. Investigators say he and his co-accused used a total of 17 companies as part of the plan. Regulators say the eight men bought controlling stakes in companies that use offshore companies to hide their involvement. They then allegedly used media campaigns to persuade other investors to buy the shares of their companies without disclosing their ownership. Investors did this by setting up “companies up front” – shell companies that belong to them – and distributing their shares among these companies. To other investors, it appeared that no company owned the entire stock, despite this. Sidoo allegedly participated in the orchestration of the project using two companies, North American Oil & Gas Corp. and American Helium Inc. According to the complaint, Sidoo and other investors allegedly earned more than $ 16 million by defrauding investors using the companies. Although Shinto has not been charged, four of his co-accused, including Bauer, face up to 20 years in prison for each of the crimes they have been charged with. The FBI says several authorities around the world were involved in the investigation, including the RCMP, the Alberta Securities Commission and the Toronto Police Department. David Sidoo Field on UBC Campus in Vancouver has been renamed, at Sidoo’s request, following his involvement in the 2020 college admission scandal. (Ben Nelms / CBC)
Sidoo played professional football for six years for the Saskatchewan Roughriders and BC Lions. He was sentenced to three months in prison in 2020 after being found to have paid US $ 200,000 have a professional test-writer impersonate his two sons and write their SATs. The conviction led him to lose the BC Order – which had been awarded to his charity – and the University of British Columbia to rename a football stadium that was originally named after him.

title: “B.C. Businessman David Sidoo Faces Allegations Of Fraud In Complaint By U.S. Sec " ShowToc: true date: “2022-11-18” author: “Bob Dodge”

The complaint was filed in the District Court in the Southern District of New York. on Thursdaynames Sidoo along with seven other defendants as part of a “pump and landfill” system. Regulators say the defendants bought shares in various companies, artificially inflated their share prices and then sold the assets to unsuspecting investors, earning millions of dollars in the process. The program began in 2006 and continued until 2020, according to documents, and regulators say the defendants illegally earned more than $ 145 million. The SEC is seeking strict regulatory action against all eight defendants, including precautionary measures barring them from further negotiation. Sidoo is not criminally charged and the allegations have not been substantiated in court. However, four of his co-accused were charged fraud, securities fraud and money laundering in a separate indictment. It’s another legal setback for Sidoo, a former CFL player who was the Order of BC was removed and prisoner after being involved in a college admission scandal in the US in 2020. Sidoo, 62, is also a philanthropist and former CEO of mining company Advantage Lithium Corp. and a founding shareholder in American Oil & Gas Inc., which sold in 2010 for more than $ 600 million. According to the complaint, the “global” plan to defraud investors involved four of Sidoo’s co-accused, as well as six other people who have been charged in a separate FBI investigation. “These disastrous ‘pump and landfill’ systems have made the accused rich while at the same time causing real damage to ordinary, retail investors left to swallow the losses,” US Attorney Damian Williams said in a statement. None of the allegations have been proven in court. David Sidoo in an interview with CBC News in 2011. He was stripped of the BC Order after his involvement in the college admission scandal in 2020. (CBC)

17 companies allegedly “dumped”

The main defendant in the SEC complaint is Ronald Bauer, a Canadian-British dual national who investigators say is currently living in the United Kingdom. According to the complaint, Bauer supervised numerous acts of fraud using the “pump and dump” method. Investigators say he and his co-accused used a total of 17 companies as part of the plan. Regulators say the eight men bought controlling stakes in companies that use offshore companies to hide their involvement. They then allegedly used media campaigns to persuade other investors to buy the shares of their companies without disclosing their ownership. Investors did this by setting up “companies up front” – shell companies that belong to them – and distributing their shares among these companies. To other investors, it appeared that no company owned the entire stock, despite this. Sidoo allegedly participated in the orchestration of the project using two companies, North American Oil & Gas Corp. and American Helium Inc. According to the complaint, Sidoo and other investors allegedly earned more than $ 16 million by defrauding investors using the companies. Although Shinto has not been charged, four of his co-accused, including Bauer, face up to 20 years in prison for each of the crimes they have been charged with. The FBI says several authorities around the world were involved in the investigation, including the RCMP, the Alberta Securities Commission and the Toronto Police Department. David Sidoo Field on UBC Campus in Vancouver has been renamed, at Sidoo’s request, following his involvement in the 2020 college admission scandal. (Ben Nelms / CBC)
Sidoo played professional football for six years for the Saskatchewan Roughriders and BC Lions. He was sentenced to three months in prison in 2020 after being found to have paid US $ 200,000 have a professional test-writer impersonate his two sons and write their SATs. The conviction led him to lose the BC Order – which had been awarded to his charity – and the University of British Columbia to rename a football stadium that was originally named after him.