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by Mike Caswell
Michael Skerry, the New Westminster man charged by the U.S. Securities and Exchange Commission for an OTC Link scheme, has lost his motion to have the case dismissed. He had claimed that the court where the SEC was pursuing him had no jurisdiction and that the regulator took too long to file its case. A judge has ruled against him on both issues.
The ruling comes as part of a case in which the SEC cited Mr. Skerry for boosting a company called Success Holdings Group International Inc. In 2014, he touted the company as a provider of health drinks and on-line movies, while secretly selling shares, according to the SEC. The stock went to $10.25 from $1, and was last at 10 cents. (All figures are in U.S. dollars.)
Mr. Skerry had sought to have the case dismissed, claiming that the courts in Indiana (where the SEC filed the charges) had no jurisdiction over him. His argument, which he made without the benefit of a lawyer, was that Indiana had no connection to the events at issue. He complained that the SEC was attempting to have him litigate thousands of miles from home. He said that he did not sell shares in that jurisdiction and did not transact any business there.
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