college admissions scandal for paying someone $200,000 to take the SATs in place of his two sons. Sidoo was sentenced to three months behind bars in the U.S. He was previously convicted on an unrelated fraud charge in 2020. It says Sidoo, who worked as a stockbroker in Vancouver for eight years during the 1990s, was well aware of the rules surrounding the purchase and sale of securities. In truth, the Commission says, the companies were almost entirely controlled by the involved businessmen.īy creating the impression that the companies were booming, the men were able to increase investment and sell off their majority at a higher price, leaving themselves far richer and their investors far poorer, the Commission alleges.
In both instances, the Securities and Exchange Commission alleges Sidoo and his fellow fraudsters used offshore financial firms located in Switzerland and numerous front businesses to create the impression that the publicly traded company’s shares were split between multiple different entities. In the case of The North American Oil and Gas Corp., at least 77 investors residing in the southern district purchased a total of at least $834,462 in the company, and lost at least $274,684 when Sidoo and his partners suddenly sold off the majority of the stock.Īnother two investors in the region lost at least $2,385 after investing in American Helium Inc. It chose to file its complaint in the southern district of New York, where much of the allegedly illegal business took place and numerous investors were defrauded. The Securities and Exchange Commission is asking for regulatory action against the eight individuals, including banning them from future trading, and forcing them to return any illegally acquired gains. businessman David Sidoo gets 3 months behind bars for college admissions scam He is not being criminally charged and the allegations haven’t been proven in court. between July 2013 and October 2018, and a $1.45-million scheme under American Helium Inc. Sidoo, 62, is thought to have been involved in at least two of them.Īccording to the complaint, he helped orchestrate a $15.23-million scheme under The North American Oil and Gas Corp. In each scheme, the individuals worked together to gain a controlling interest in a publicly traded company, conceal that control, fund misleading campaigns to increase investor interest, and then exploit the increased demand by selling their shares of the stocks at a higher price and reaping millions of dollars. Securities and Exchange Commission, which alleges the multi-player ring illegally garnered $145 million US between 20. He is among eight people named in a fraud complaint by the U.S.
100 Mile House South Cariboo 2017 Official Visitor Guideįormer CFL player and Vancouver businessman David Sidoo was allegedly part of a team of international fraudsters who tricked investors out of millions of dollars.
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