SEC files fraud charges against 2 Canadians!

The U.S. Securities and Exchange Commission filed charges against two Canadians for fraudulent stock sales scheme. The federal lawsuit filed by government lawyers in New York alleges pump-and-dump scheme against the two suspected con men.

New York government lawyers with the U.S. Securities and Exchange Commission file fraud charges against two Canadian men.

New York, NY–Government lawyers with the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in New York federal court against two suspected Canadian swindlers. The suit alleges the two named defendants, Toronto’s Jay Budd and Surrey’s John Briner, sold millions of dollars worth of profitless stock in an elaborate securities fraud scheme, as reported by Reuters. The lawsuit filed Monday, August 31, 2009, SEC v. Golden Apple Oil and Gas Inc, U.S. District Court, Southern District of New York (Manhattan), No. 09-7580; asserts the two men released false and misleading press releases to sell stock in Golden Apple Oil & Gas Inc from the fall of 2004 through May 2006.

Apparently, Briner the legal services provider for Golden Apple orchestrated an initial 5 million share offering to unsuspecting investors, and Golden Apple’s Chief Executive Officer, Budd, held several subsequent stock offerings to the public. The false and misleading press releases and consumer marketing tactics arranged by both men led to selling inflated stock prices, generating over $3 million in illegal sales. Budd formed Scottsdale, Arizona based company Ethos Investments Inc., to facilitate their fraud scheme. Government attorneys demand the two Canadian swindlers pay civil fines, relinquish their illegal profits, and other remedies.

New York government attorneys alert by legal news reporter Heather L. Ryan.

About the Author Justice Seeker

Heather L. Ryan, R.N., C.L.N.C- Heather Ryan is a Certified Legal Nurse Consultant with 15 years of experience in the health care industry. Her expertise in reviewing medical records and assisting lawyers with the determination as to whether legal action should be taken provides an invaluable asset to the newsroom. Medical-malpractice, products liability, personal injury and workers’ compensation are some of the recent areas of litigation Ms. Ryan has focused her efforts on. A member of the Florida Justice Association, Heather maintains a long list of certifications and credentials to support her areas of expertise and stays up-to-date with her clinical knowledge working as an emergency room/trauma nurse, at a Level 1, Adult/Pediatric trauma and teaching institution in South Florida.