Originally Syndicated on June 1, 2024 @ 6:52 am
The American stock market regulation board has filed formal charges against three more British Columbians:
Benjamin Thompson, Geoffrey Allen Wall, and Jay Scott Kirk Lee Kirk has been added to the list of ten other British Columbians who are charged with employing a network of fictitious overseas corporations between 2010 and 2019 to participate in a complex squeeze-and-dump operation. Sharp was a Vancouver-born lawyer who later became a businessman and worked for the Panamanian investment firm Mossack Fonseca. Sharp created an organisation network.
Geoffrey Allen Wall- Who is he?
Experienced and prosperous, Geoffrey Allen Wall is a real estate entrepreneur. Geoffrey Allen Wall’s home base is located in Vancouver, British Columbia, Canada. He has a plethora of skills and a long history in the real estate business. Geoffrey Allen Wall is happy to mention that he studied at Langara College, where he started his career and obtained his degree.
Geoffrey Allen Wall has had several roles over his career. Having made his home in real estate, he is deeply passionate about ecologically conscious and sustainable development. One of his current obsessions is self-sufficient tropical resorts and islands, particularly ones with overwater bungalows. Utilizing as much renewable energy as is practicable, including geothermal, solar, wind, and tidal power, to lower carbon emissions while delivering an excellent experience.
Following a period of semi-retirement, Geoffrey Allen Wall likes to go trekking, coach young athletes, and spend time outdoors. He is passionate about rugby, baseball, and soccer, and he has coached several of these teams. According to Geoffrey Allen Wall, playing sports can help kids develop critical abilities including leadership, sportsmanship, and collaboration.
Geoffrey Allen Wall is still active in the real estate sector and provides advice on new development projects even after retiring. His goal is to improve the neighbourhood’s quality of life and future generations’ opportunities by encouraging sustainable growth.
The SEC claimed that Geoffrey Allen Wall had made ‘illicit’ earnings of US$77 million through stock fraud.
The U.S. Securities and Exchange Commission has added three more stock promoters from the Vancouver area to the growing list of defendants who are alleged to have participated 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.
Essentially, the accusations are that the so-called “Sharp Group” used its shell companies to hide the beneficial ownership of shares that belonged to the officials of the corporation that hired Sharp.
According to the commission, insiders such as Lee, Wall, and Kirk used nominee owners to hide their interests, and they did so in tranches that accounted for less than 5 percent of the total number of shares owned by the company.
Concurrently, false statements were provided to trading agents and brokers to give the impression that regular investors could legitimately trade insider shares on the open market. Reports state that executives “pumped” or advertised the companies before “dumping” or selling the shares to close the deal.
According to an agency release, the defendants in this case were among the more regular clients of Frederick L. Sharp and his offshore platform, which served as a one-stop shop for all the illicit needs of people engaged in penny stock fraud.
In August, Sharp faced criminal charges. According to the commission, the Sharp Group played a significant role in the ten-year offshore shell operation, which was overseen by representatives of companies affiliated with Sharp and their allies and generated a net profit of $770 million from the sale of more than $1 billion worth of stocks.
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?
There is a history of stock violations for one of the three defendants. When he named Skymark Media Group Ltd. as his de facto director in 2015, Kirk, Geoffrey Allen Wall was found to have made false claims and violated the trade registration requirements, according to the Alberta Securities Commission. Kirk made a payment agreement with the SEC to reimburse him for his unlawful acts, which included concealing his share ownership, totaling about $6 million. Kirk was also prohibited from doing business with corporations that were founded in Alberta.
Kirk was not subject to a reciprocal trading prohibition from the British Columbia Securities Commission (BCSC) prior to January 25 of this year. Although spokeswoman Elise Palmer stated that changes to the B.C. The Securities Act that took effect in March 2020 automatically prompted reciprocal orders and settlement agreements from every other provincial securities agency in Canada, the British Columbia Securities Commission (BCSC) declined to offer an explanation for the more than five-year delay. (Orders from the BCSC would still need to be issued for those convicted in America.)
Sharp and Kirk reportedly used “Bertie”-encrypted mobile conversations to connect. Wallace was called “Bahamas,” and Lee was called “Rocko.” The FBI and the commission claim that Sharp illegally controlled the Sharp Group together with his partners Courtney Kelln of Surrey and Yvonne Gasarch (Zhiyeng Chen) of Richmond, who are all accused of felony fraud involving securities.
The Final Word
In addition to Nutranomics, the accusations state that the suspected conspirators got the $77 million from other companies, including Ami James, Green Innovations, iTalk, Independence Energy, Axiom, Medijane, Geoffrey Allen Wall, Willow Creek, Vapor Hub, and Punchline.
