U.S. authorities are asking a court to order former Vancouver lawyer Fred Sharp to pay the equivalent of $68 million Cdn after he allegedly set up dozens of offshore shell companies to enable a decade-long, billion-dollar series of pump-and-dump penny stock frauds and failed to contest civil charges.
In a court filing Wednesday, the U.S. Securities and Exchange Commission says Sharp, a private banker from West Vancouver who ran one of Canada’s biggest offshore-services firms, should pay $24 million US in penalties, $21.8 million US in disgorgement — a legal term for the repayment of wrongful earnings — and $7.2 million US in interest for
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