A man accused of a $78 million pump-and-dump scheme is filing a plea in British Columbia court

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dated: 2022-11-19 03:23:01 .

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A businessman accused of an alleged $78 million pump-and-dump scheme is seeking $3.5 million in restitution from a lawyer’s trust fund.

A British businessman accused of an alleged $78 million pump-and-dump scheme has sued the Law Society of BC to recover more than $3.5 million he put into the trust of a former BC lawyer who was sued for professional misconduct. Photo by Corgarash – Fotolia

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A British businessman accused of an alleged $78 million pump-and-dump scheme has sued the Law Society of BC to recover more than $3.5 million he put into the trust of a former BC lawyer who was sued for professional misconduct.

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In November 2015, the US Securities and Exchange Commission filed charges against several alleged perpetrators of a scheme involving shares of Jammin’ Java, a company trading as Marley Coffee that sells the late reggae artist Bob Marley’s trademarks used on coffee products .

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One of the alleged inventors of the plan was British businessman Kevin Miller (46) from St Brelade, Jersey.

The commission accused the perpetrators of illegally gaining millions of profits at the expense of the investing public and of trying to conceal their wrongdoings through complex offshore networks.

In a pump-and-dump scheme, promoters attempt to inflate the share price by making false or misleading statements about the company. Once the share price is inflated, fraudsters try to make money by selling their shares and dumping the shares on the market. Once the stock is sold, the price usually falls and investors lose their money.

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In October 2017, the SEC announced that it had won a $58 million judgment against Wayne Weaver, who was accused in the scheme. The judgment also ordered others to pay large sums, including Miller, who agreed to pay $738,369 in fines and $116,631 in damages.

Miller entered into a settlement agreement without admitting or denying the SEC’s allegations.

He has now filed a claim in BC Supreme Court stating he is entitled to $2,974,399 and $583,114 Canadian dollars held in escrow accounts at the law firm of Ronald Norman Pelletier. The Bar Association has custody of these escrow accounts.

In April 2018, the Bar filed for and received an order barring Pelletier from maintaining an escrow account pending the processing of a court order against him for alleged professional misconduct. The citation alleges that between September 2014 and May 2018, Pelletier engaged in activities that supported or encouraged dishonesty, crime or fraud.

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Pelletier is accused of using or allowing his company’s escrow account to be used to sell some or all of the approx

Earlier this year, the bar court held a disciplinary hearing against Pelletier, a former member of the bar who stopped working in 2018. A decision on the matter is still pending.

In his petition, Miller claims he is entitled to a refund of the money he allegedly paid to Pelletier’s foundation for legal services and to the settlement agreement he eventually reached with the SEC.

“The SEC’s complaint against Mr. Miller has been fully resolved,” the petition reads. “There is no legal basis for[Bar Association]continue to hold Mr. Miller’s foundations.”

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Miller claims he has made several unsuccessful attempts to recover the money and was told by a Bar Association lawyer that the BC Solicitors Regulatory Board would apply to court to resolve the matter. He says that such a request has not yet been made.

No response was submitted to the lawsuit, which contains allegations that were not examined in court. The Bar Association did not respond to a request for comment.

A Toronto law firm representing Miller said in an email it would have no comment because the matter is before the court.

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A man accused of a $78 million pump-and-dump scheme is filing a plea in British Columbia court

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Source https://canadatoday.news/ca/a-man-charged-with-a-78-million-pump-and-dump-scheme-files-a-motion-in-british-columbia-court-153769/

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