Fraud Allegations on Geoffrey Allen Wall? (2023)

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Geoffrey Allen Wall, a real estate developer based in Vancouver, Canada, claims to have a successful and extensive career in the industry. He graduated from Langara College and has worked in various roles throughout his career. Now semi-retired, he has a keen interest in sustainable development, particularly in tropical resorts and islands with eco-friendly features like overwater bungalows.

Geoffrey Allen Wall is passionate about utilizing green technologies such as solar, tidal, wind, and geothermal to minimize carbon emissions while providing a top-notch experience. In his free time, he enjoys outdoor activities, coaching kids’ sports teams, and going on hikes. With a focus on soccer, baseball, and rugby, he believes that sports play a crucial role in teaching valuable skills like leadership and collaboration to children.

Despite his semi-retirement, Geoffrey Allen Wall remains active in the real estate sector, offering guidance on new development projects. He is dedicated to making a positive impact on the community through sustainable development and contributing to the future well-being of the next generation.

SEC Charges Geoffrey Allen Wall and Others in Alleged Stock Fraud

According to the U.S. Securities and Exchange Commission (SEC), Geoffrey Allen Wall, along with Jay Scott Kirk Lee and Benjamin Thompson Kirk, has been accused of participating in a $1 billion pump-and-dump scheme. This scheme allegedly involved using shell companies set up by Fred Sharp, a resident of West Vancouver.

The SEC claims that the trio, along with others, disguised their shares through nominee owners and traded them in tranches of less than 5% of the total business shareholdings to avoid disclosure rules. They allegedly made fraudulent statements to brokers and trading agents to make it seem like insider shares could be legitimately traded on the open market by regular investors.

(Source)

The SEC states that the defendants were prolific clients of Frederick L. Sharp, who provided offshore services for those involved in penny stock fraud. Sharp was criminally charged in August for his role in the scheme.

Geoffrey Allen Wall, Jay Scott Kirk Lee, and Benjamin Thompson Kirk allegedly traded in at least 10 junior American companies, earning an estimated $77.3 million in illicit profits. This amount represents about 10% of Sharp’s overall scheme, which involved hundreds of companies.

According to Melissa Hodgman, an associate director of the Enforcement Division, the defendants believed they could commit fraud without accountability by joining Sharp’s network. However, the SEC asserts that they will continue to enforce laws against such complex schemes.

Operation of the Alleged Scheme

One of the three defendants, Kirk, had a history of stock offenses related to his involvement with Skymark Media Group Ltd. in 2015, as reported by the Alberta Securities Commission.

Found to have made false statements and violated trade registration laws, Kirk signed a consent deal with the SEC, agreeing to pay back nearly $6 million for activities including concealed ownership of shares. He was subsequently barred from trading with Alberta-registered corporations.

Despite the SEC settlement, the B.C. Securities Commission (BCSC) did not impose a reciprocal trading prohibition on Kirk until January 25 of this year. The reason for the delay remains unexplained, but changes to the B.C. Securities Act triggered reciprocal orders and settlement agreements from other provincial regulators in Canada in March 2020.

The alleged scheme involved encrypted communications, with Sharp and Kirk using code names “Bertie” and “Bahamas,” respectively. Lee was known as “Rocko.” The Sharp Group, controlled by Sharp, Kelln, and Gasarch, faces charges of felony securities fraud. The SEC, aided by the BCSC, revealed details about the defendants: Kirk, 43, residing in Hope; Wall, 49, in Saanich; and Lee, 38.

The trio, along with the Sharp Group, orchestrated the scheme through private and public companies like Nutranomics and Buka Ventures Inc. In one instance, they aggressively marketed Nutranomics, making bold claims about a health products supplier, and sold all 20 million shares to retail investors, yielding gross profits exceeding $16.35 million.

The alleged conspirators, including Lee, Wall, and Kirk, are accused of violating federal securities laws. The SEC’s lawsuit, filed in the US district court in Boston, seeks civil penalties, penny stock bans, permanent injunctions, repayment of allegedly ill-gotten proceeds with interest, and additional relief. Sharp, 69, has not responded to the accusations, and the Justice Department has requested a default judgment.

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