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by Mike Caswell
Nine years after it charged a group of men for a $6.2-million scheme run partly through the Investors Hub website, the U.S. Securities and Exchange Commission is still winning sanctions against the group. (All figures are inU.S. dollars.) On Jan. 23, 2018, a judge in Delaware imposed a permanent ban on Richard A. Bailey, a Las Vegas man who served as an officer and director of one of the companies in the scheme, GH3 International Inc. According to the SEC, Mr. Bailey helped issue illegal shares and misleading news releases.
The charges against Mr. Bailey stemmed from a larger scheme in which a group of men boosted four listings, including an Ontario company called Playstar Corp. The men heavily manipulated the stocks while dumping millions of unregistered shares they had obtained for little or nothing, the regulator claimed. Mr. Bailey's part of the scheme involved the manipulation of pink-sheets-listed GH3 International, which claimed to be developing an anti-aging treatment.
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