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Gold/Mining/Energy : Let's tag and post insider trading
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To: Bill Jackson who wrote (28)2/28/1998 5:51:00 PM
From: Buckey  Read Replies (2) of 43
 
I realize that this is for insider trading but is there one for crooked brokers???

VSE fines former broker $120,000

By KEITH DAMSELL
The Financial Post
The Vancouver Stock Exchange has slapped a former broker at Union Securities Ltd. with a $120,000
fine for a long list of violations, including unauthorized trading and a complex stock manipulation scheme.
In 1991 and 1992, David Norman Gilbert opened up three U.S. client accounts without proper
authorization. Through the direction of Oklahoma businessman Charles Bazarian, Gilbert made more than
300 transactions without proper approval of the account owner. Several stocks were bought and sold at
rigged prices between accounts held by the two men, creating a false market for the securities
involved.Then in 1993 and 1994, Gilbert carried out a complex trading scheme to boost the value of mining
junior Wedgewood Resources Ltd. Through computer trading, he moved the stock through 15 client
accounts under his control. The accounts were responsible for 70% of all new highs set by Wedgewood as
it climbed from 50› to $2.70.
In addition to the fine, Gilbert must return $71,000 in profit and pay $40,000 in investigative costs. The
former broker has also agreed to a permanent trading ban on the exchange.
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