Date of publication: April 16, 2022 • 4 hours ago • 3 minutes reading • 18 comments Vancouver businessman David Shinto’s archive photo. Photo by Jonathan Wiggs / AP
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Vancouver businessman David Shinto has been named by the U.S. Securities and Exchange Commission in an alleged extensive securities fraud lawsuit filed in federal court in New York.
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Two years ago, Shinto was fined $ 250,000 and sentenced to 90 days in prison after admitting to plotting a massive fraud to help his sons get into US universities. Sidoo is named along with seven others in a political complaint describing a series of highly lucrative stock transactions in 17 listed companies from 2006 to 2020. He has not been charged and the allegations have not been substantiated in court. The lawsuit alleges allegations of fraud and misleading promotions to prosecute unsuspecting investors, generating estimated profits of $ 145 million at the behest of the accused London-based leader, Ronald Bauer, who’s a businessman.
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“Bauer oversaw almost every aspect of the system and called on the other defendants, among other things, to gain control of the issuer, arrange for shares to be issued and to carry out advertising,” according to investigators who coined the Bauer Ring. for the most productive team. The researchers claim that Sidoo was part of a subgroup called the Sidoo and Bauer Ring Coalition. Along with Bauer and Sidoo, the others named are Craig James Auringer, Alon Friedlander, Massimilano Pozzoni, Daniel Mark Ferris, Petar Dmitrov Mihaylov and Adam Christopher Kambeitz. Defendants are named in a handful of title violations. The documents trace alleged ventures and “fake documentation” of everything from oil and gas and pharmaceuticals to heavy metal and software companies typically used by Swiss offshore finance companies.
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The lawsuit names Sidoo as the beneficiary of the sale of shares who “failed both to disclose his true ownership and transactions and to record the sale of his shares as required by law.” “By these means, the defendants concealed their concerted efforts from janitors (transfer agents and brokers) who would otherwise treat their shares as restricted shares, which could not have been bought, sold or transferred freely to the retail market.” the lawsuit. allegations. “The defendants also defied their positive obligations under federal securities laws, as controlling shareholders, to report their holdings, transactions and agreements to themselves, and thus concealed their concerted efforts. by investors “.
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The Securities and Exchange Commission is seeking civil penalties and precautionary measures against defendants participating in any penny share offers – and the repayment of alleged “illegal profits”.
Sidoo’s lawyer, Boston-based Martin Weinberg, did not respond to a request for comment, but told Business in Vancouver that Sidoo denied the allegations.
Sidoo, a prominent BC University graduate and former Canadian Football League player, had previously been sentenced to 90 days behind bars for paying $ 200,000 to sneak into SAT college entrance exams in place of his two sons. , who were later admitted to California. universities.
He was among 55 people accused of taking part in a scheme called the Varsity Blues, in which wealthy parents conspired with a college admissions counselor, William “Rick” Singer, to use bribery and fraud to secure the admission of children. in high schools.
David Shinto posed with Justin Trinto in 2016 during the UBC Thunderbirds’s meeting and greeting with the Prime Minister after winning the football team’s Vanier Cup in 2015. Sidoo is a former UBC player and financial supporter of the football program . Photo by Handout / PNG
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