Originally Syndicated on May 10, 2023 @ 10:22 am
Three additional British Columbians have been charged legally by the American stock market control board:
Jay Scott Kirk Lee, Geoffrey Allen Wall, and Benjamin Thompson Kirk have been added to the list of 10 other British Columbians who are accused of taking part in an elaborate squeeze-and-dump scheme between 2010 and 2019 by using a network of foreign fake businesses Sharp, an attorney turned businessman from Vancouver, who worked for the Panamanian investment company Mossack Fonseca. Sharp generated a network of organizations.
Who is Geoffrey Allen Wall?
Geoffrey Allen Wall is a successful and seasoned real estate developer. The home base for Geoffrey Allen Wall is in Vancouver, British Columbia, Canada. He has a wealth of talents and has worked in the real estate industry for many years. Geoffrey Allen Wall is proud to report that he attended Langara College, where he received his degree and began his professional life.
Throughout his career, Geoffrey Allen Wall has held a number of positions. He settled in real estate and has a keen interest in green and environmentally friendly development. Self-sufficient tropical resorts and islands, especially those with overwater bungalows, are one of his current passions. employing as much green technology as is practical, such as solar, tidal, wind, and geothermal, to provide a first-rate experience while reducing carbon emissions.
After a period of semi-retirement, Geoffrey Allen Wall enjoys spending his leisure time outdoors, mentoring young athletes, and hiking. Because of his strong interest in these sports, he has coached a number of rugby, baseball, and soccer teams. Geoffrey Allen Wall believes that participating in sports may teach children important skills like teamwork, leadership, and sportsmanship.
Despite his retirement, Geoffrey Allen Wall continues to advise on new construction projects and works regularly in the real estate industry. He is dedicated to fostering sustainable growth in order to enhance the prospects for the next generation and have a beneficial influence on the neighborhood.
Geoffrey Allen Wall was accused by the SEC of engaging in stock fraud and making ‘illicit’ gains of US$77 million.
Three more stock promoters from the Vancouver area have been added by the U.S. Securities and Exchange Commission to the increasing list of defendants accused of taking part in a $1 billion pump-and-dump scheme.
The Securities and Exchange Commission (SEC) of the United States is now looking into a dozen or so residents of British Columbia for their alleged involvement in a $1 billion stock fraud operation that was reportedly orchestrated by West Vancouver resident and facilitator of shell companies Fred Sharp.
The three additional British Columbians, Jay Scott Kirk Lee, Geoffrey Allen Wall, and Benjamin Thompson Kirk, have been charged civilly by the American stock market regulator for using a system of foreign fake companies created by Sharp, a former Vancouver lawyer-turned-entrepreneur for Panama investment firm Mossack Fonseca.
They have been accused of participating in the extensive and complex squeeze-and-dump conspiracy between 2010 and 2019 together with 10 other citizens of British Columbia.
The allegations against Lee, Geoffrey Allen Wall, and Kirk are analogous to a slew of allegations made by the Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC) since August.
It is alleged, in essence, that the so-called “Sharp Group” made use of its shell firms to conceal the beneficial ownership of shares that belonged to the company executives who hired Sharp.
The commission claims that insiders like Lee, Wall, and Kirk concealed their interests by using nominee owners and doing so in tranches that represented less than 5% of the overall corporate ownership of shares.
Illegal claims were simultaneously made to brokers and trading agents to create the appearance that insider shares may be lawfully exchanged on the free market by normal investors. According to reports, executives marketed (pumped) the companies before selling (dumping) the shares to conclude the scheme.
The defendants, in this case, were among Frederick L. Sharp’s and his offshore platform’s more frequent customers; the latter was effectively a one-stop shop for all the illegal requirements of individuals committed to conducting penny stock fraud, according to an announcement from the agency.
Sharp was charged with a crime in August. The Sharp Group was a major player in the decade-long offshore shell functioning, said to the commission, which was run by officials of firms connected to Sharp and their supporters and produced $770 million in net profit from more than $1 billion in stock sales.
According to the complaint sheet presented in the District of Massachusetts, where multiple investors are allegedly been defrauded, the three traded in at least 10 junior American firms and earned a total of $77.3 million in illegal gains. About 10% of Sharp’s claimed broader plan, which encompasses many businesses, is represented by this sum.
The defendants thought that by joining Sharp’s network of secret accounts and murky conversations, they would have the tools necessary to conduct fraud without being held accountable, according to Melissa Hodgman, associate director of the Enforcement Division. Our current activities demonstrate that we are capable of enforcing even an extremely complicated strategy.
How did the claimed scam work?
One of the three defendants has a history of stock violations is there. According to the Alberta Securities Commission, Kirk, Geoffrey Allen Wall was found to have made false representations and broken the trade registration regulations when he appointed Skymark Media Group Ltd. as his de facto director in 2015. With the SEC, Kirk agreed to pay back roughly $6 million for his illegal actions, which included hiding his ownership of shares. Also forbidden from doing business with corporations established in Alberta was Kirk.
Before January 25 of this year, Kirk was not subject to a reciprocal trading ban from the British Columbia Securities Commission (BCSC). The British Columbia Securities Commission (BCSC) failed to provide an explanation for the more than five-year delay, but spokeswoman Elise Palmer said that revisions to the B.C. Securities Act that went into force in March 2020 automatically prompted reciprocal orders and settlement agreements from every other provincial securities agency in Canada. (For those who were convicted in America, the BCSC would still have to begin issuing orders.)
According to accounts, Sharp and Kirk communicated using “Bertie”-encrypted cellphone communications. Wall went by the moniker “Bahamas,” while Lee went by the name “Rocko.” According to the commission and FBI, Sharp, his partners Courtney Kelln of Surrey and Yvonne Gasarch (Zhiyeng Chen) of Richmond, who are all charged with felony fraud involving securities, illegally managed the Sharp Group.
The Bottom Line
According to the allegations, in addition to Nutranomics, the $77 million was obtained by the alleged conspirators from Ami James, Green Innovations, iTalk, Independence Energy, Axiom, Medijane, Geoffrey Allen Wall, Willow Creek, Vapor Hub, and Punchline.
