British Columbia Sun

B.C. businessman David Sidoo faces accusations of scam in a complaint 

BC

Key takeaways: 

  • Ex CFL player allegedly cheated investors out of millions of dollars as part of a multi-investor ring.
  • Businessman and ex-CFL player David Sidoo after pleading blameworthy to a mail scam conspiracy charge in 2020. 
  • This week, he was called in a regulatory complaint alleging he was a portion of a multi-investor business ring that tricked investors out of millions of dollars.

Vancouver businessman David Sidoo was allegedly portion of a business ring that swindled investors out of millions of dollars, according to a court case from the U.S. Securities and Exchange Commission (SEC).

The objection, filed before the district court in the southern community of New York on Thursday, names Sidoo along with seven additional defendants as being part of a “pump and dump” project.

Regulators state the defendants purchased stocks in different firms, artificially increased stock costs, and then sold the acquisitions to unsuspecting investors, making millions of dollars.

The scheme began in 2006 and persisted till 2020, and regulators say the defendants made almost $145 million U.S. illegally.

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Vancouver businessman David Sidoo was allegedly portion of a business ring that swindled investors

The SEC aims concrete regulatory action against all eight defendants, including requests prohibiting them from further trading. Sidoo is not being criminally indicted, and the allegations have not been confirmed in court.

However, four of his co-defendants were given wire scam, securities deception, and money laundering charges in a different charge.

It is another legal setback for Sidoo, an ex-CFL player who was deprived of his Order of B.C. and jailed after being involved in a college admissions humiliation in the U.S. in 2020.

Sidoo, 62, is also a donor, the ex CEO of mining company Advantage Lithium Corp., and a founding shareholder of American Oil & Gas Inc., sold in 2010 for almost $600 million.

Source – cbc.ca

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