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B.C.’s David Sidoo accused in massive ‘multi-year pump-and-dump’ stock fraud

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Securities and Exchange Commission (SEC) complaint lodged in the Southern District of New York district court on Thursday. Sidoo and seven other people wee named.The complaint describes a scheme that operated from 2006 to 2020.

David Sidoo, B.C. businessman charged in U.S. college admissions scam, released from prison The SEC alleges the group gained controlling interests in companies, concealed their collective control of the stock, funded misleading promotional campaigns to drum up interest among unsuspecting investors, and then unloaded their stock holdings to cash in on the inflated stock price.The group would allegedly divide profits, while holding some of the cash to fund their next pump-and-dump.Ronald Bauer, a “London-based recidivist” was the mastermind of the operation, the SEC stated, and led the most prolific of three rings involved in the scheme.Sidoo collaborated with that ring on two pump-and-dump campaigns, the SEC alleges, involving stock for North American Oil & Gas Corp.

and American Helium Inc.Sidoo used offshore “omnibus vehicles and front companies” to conceal the fact he was the beneficiary of stock sales.

He failed to disclose his beneficial ownership and to register his stock sales, as legally required the SEC claims. B.C. businessman David Sidoo loses Order of B.C.

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