SEC charges Toronto trader over $21m market abuse
Losses & Lawsuits
WASHINGTON, DC - The Securities and Exchange Commission (SEC) has charged a Canadian trader with collecting at least $20.9 million in illicit profit. The US regulator filed a market-abuse complaint against Toronto-based George Georgiou claiming he manipulated the stock of four companies. Civil charges relating as far back as 2004 and up to September 2008 allege Georgiou directly and indirectly artificially inflated the share prices of Avicena Group, Neutron Enterprises, Hydrogen Hybrid Technologies and Northern Ethanol. Georgiou is alleged to have traded with broker-dealers, and to have indirectly worked using trading instructions to nominees with accounts in Canada, the Bahamas, and the Turks and Caicos Islands. The SEC accuses Georgiou of hiding the scam by timing deals with company news, and alleges he revealed his guilt and criminal intentions in emails and recorded phone conversations.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Regulation
French regulator questions need for share trading equivalence
Esma’s reinterpretation ahead of Brexit reduces need for equivalence system, says AMF official
Receive this by email