SLJB - Sulja Brothers Building Supply, Inc. | Stock Discussion Forums

SiliconInvestor

sponsor

Sponsor

Non-Tech | SLJB - Sulja Brothers Building Supply, Inc.

To: SG who wrote (1673)	1/22/2012 3:28:08 PM
From: scion	1 Recommendation of 1680

Sulja Brothers fines go uncollected $6-million levy for 'pump and dump' scheme By Sarah Sacheli, The Windsor Star January 21, 2012 windsorstar.com The Ontario Securities Commission has not collected a dime of the more than $6 million in penalties imposed last year in the Sulja Brothers stock scheme, a report released this week revealed. The OSC admits it has collected less than one per cent of the more than $73 million in fines it has levied in contested cases since 2005. "The recovery of monetary sanctions in many proceedings is limited because respondents may have no assets or limited assets, may no longer reside in Ontario, or cannot be found," the OSC said in its report. "Some respondents may have hidden assets in the names of others." The commission says it is investigating ways to improve its collections. "Staff are examining the collections experience of other organizations in both the public and private sector to see what methods may be effective and could be used by the commission." The commission has a better track record of collecting penalties in negotiated settlements, recouping more than 70 per cent of $155.5 million in monetary sanctions and costs assessed in such cases since 2005. The commission found brothers Sam and Steven Sulja and business partners Petar Vucicevich, Pranab Shah, Tracey Banumas and Andrew DeVries participated in what's called a "pump and dump" stock scheme. The fraud involved issuing bogus press releases portraying Harrow lumberyard Sulja Brothers Building Supplies as an international construction firm called with hundreds of millions of dollars worth of contracts in the Middle East. Investors taken in by the false hype snapped up $5.6 million worth of shares in the company. As part of the scheme, the partners incorporated Kore International Management, and set up secondary accounts that Sulja Brothers stock were transferred into, then sold to the market once their value was inflated. Vucicevich was the only partner prosecuted in the criminal courts. He is currently serving a three-year penitentiary term after pleading guilty to two counts of fraud. The OSC fined him $775,000 and banned him from ever being involved in the stock market again by buying or selling stocks or being a director or board member of a publicly traded company. The Sulja brothers were fined $150,000 each and DeVries, a Texan, was fined more than $1 million. Shah and Banumas were each fined $5,000. All the partners together were hit with a $5.6million "disgorgement" - a penalty equal to the amount of money they swindled from investors. None of the money has been recouped. Defence lawyer Daniel Scott, who represented Vucicevich in his criminal proceedings, said Friday his client is penniless and unable to pay any of the fines imposed. The OSC hearing last year was told that Steven Sulja had lost his house and business and that both he and his brother were working menial jobs. Scott said OSC penalties are often hollow. "It's like a Band-Aid. It makes everyone feel better at the time, but when you look underneath, the wound is still there." windsorstar.com

Share	Recommend \| Keep \| Reply \| Mark as Last Read \| Read Replies (1)

From: scion	2/14/2012 12:14:14 PM
	of 1680

Stock market manipulator sentenced Toronto, October 21, 2011 - In Ontario Superior Court today, Petar Vucicevich was sentenced to 3 years of imprisonment after pleading guilty to two counts of fraud. The fraud charges were laid against Vucicevich in December 2008 by the RCMP's Integrated Market Enforcement Teams in Toronto following a 23 month investigation. The investigation began following a referral from the Ontario Securities Commission. The two fraud charges, one count for fraud over $5,000, the other for fraud affecting public market, related to allegations that Vucicevich orchestrated and participated in the market manipulation of the shares of Sulja Bros. Building Supplies Ltd., a small lumberyard located in Harrow, Ontario. For more information on the RCMP's IMET investigation, please see CNW. newswire.ca rcmp-grc.gc.ca

Share	Recommend \| Keep \| Reply \| Mark as Last Read \| Read Replies (2)

To: DanDerr who wrote (1665)	7/17/2012 9:34:43 AM
From: scion	of 1680

Pacer Update 16 Jul 12 USA v. Fernandez et al Case 1:11-cr-00062-PAC - ecf.nysd.uscourts.gov Date Filed # Docket Text 07/16/2012 Calendar Entry DATE CHANGE as to Bradley Susser: Sentencing set for 9/24/2012 (NOT 09/25/2012) at 4:30 PM in Courtroom 20-C, 500 Pearl Street, New York, NY 10007 before Judge Paul A. Crotty, U.S.D.J (reset via e-mail by: Marlon Ovalles - Courtroom Deputy (mov) (Entered: 07/16/2012) 07/12/2012 Forwarded three certified copies of 193 Order to Assistant United States Attorney, Sharon Cohen Levin, Chief of the Asset Forfeiture Unit, One St. Andrew's Plaza, New York, New York 10007. (ft) (Entered: 07/16/2012) 07/12/2012 193 ORDER OF FORFEITURE as to Ricardo Fernandez. For the reasons set forth in this Order; NOW, THEREFORE, IT IS ORDERED, ADJUDGED AND DECREED THAT: 1. As a result of the offense charged in Count One of the Indictment, to which the Defendant pled guilty, a money judgment in the amount of $977,170 in United States currency (the "Money Judgment") shall be entered against the Defendant. The funds previously administratively forfeited from the 0685 Account shall be applied in partial satisfaction of the Money Judgment... The Clerk of the Court shall forward three certified copies of this Order to Assistant United States Attorney, Sharon Cohen Levin, Chief of the Asset Forfeiture Unit, One St. Andrew's Plaza, New York, New York 10007. SO ORDERED (Signed by Judge Paul A. Crotty on 7/11/2012)(dnd) (Entered: 07/12/2012) 07/12/2012 192 JUDGMENT as to Ricardo Fernandez (1), Count(s) 1, 10ss, 2, 2s-4s, 4ss, 5ss-7ss, 7s, Dismissed; Count(s) 1s, Imprisonment: 12 Months and One Day Supervised Release: 3 Years. The court makes the following recommendations to the Bureau of Prisons: That Mr. Fernandez be designated to a facility located in or near Southern Florida. The defendant shall surrender for service of sentence at the institution designated by the Bureau of Prisons: before 2 p.m. on Monday, September 10, 2012. The above drug testing condition is suspended, based on the court's determination that the defendant poses a low risk offuture substance abuse. The defendant shall not possess a firearm, ammunition, destructive device, or any other dangerous weapon. The defendant shall cooperate in the collection of DNA as directed by the probation officer. The defendant is to pay an assessment fee of $100.00 due immediately. The defendant is to pay restitution in the amount of $977,170 (see 07/11/12 Order ofForfeiture). (Signed by Judge Paul A. Crotty on 7/12/2012)(dnd) (Entered: 07/12/2012) 07/12/2012 DISMISSAL OF COUNTS on Government Motion as to Ricardo Fernandez (1) Count 1,2,2s-4s,4ss,5ss-7ss,7s,10ss. (dnd) (Entered: 07/12/2012) 07/12/2012 Calendar Entry DATE CHANGE as to Bradley Susser: Sentencing set for 9/25/2012 (NOT 09/26/2012) at 4:30 PM in Courtroom 20-C, 500 Pearl Street, New York, NY 10007 before Judge Paul A. Crotty, U.S.D.J (reset via e-mail by: Marlon Ovalles - Courtroom Deputy). (mov) (Entered: 07/12/2012) 07/11/2012 Minute Entry for proceedings held before Judge Paul A. Crotty: Sentencing held on 7/11/2012 for Ricardo Fernandez (1) Count 1s. (dnd) (Entered: 07/12/2012) 07/10/2012 Set/Reset Hearings as to Bradley Susser: Sentencing set for 9/26/2012 at 4:30 PM in Courtroom 20-C, 500 Pearl Street, New York, NY 10007 before Judge Paul A. Crotty. (dnd) (Entered: 07/10/2012) 07/10/2012 191 ENDORSED LETTER: As to Bradley Susser addressed to Judge Paul A. Crotty from Howard S. Master dated 6/26/2012 re: For the reasons stated in this letter the government writes to respectfully request a sentencing adjournment until September 2012. ENDORSEMENT: Application GRANTED. The sentencing is adjourned to 9/26/2012 at 4:30 p.m. in Courtroom 20-C. (Signed by Judge Paul A. Crotty on 7/10/2012)(dnd) (Entered: 07/10/2012) 1:11-cr-00062-PAC USA v. Fernandez et al 1:11-cr-00062-PAC-1 Ricardo Fernandez 1:11-cr-00062-PAC-2 Jeffrey Halbirt 1:11-cr-00062-PAC-3 Stinson Bland 1:11-cr-00062-PAC-4 Donna Levy 1:11-cr-00062-PAC-5 Jeffrey Hurwitt 1:11-cr-00062-PAC-6 Michael Steinberg 1:11-cr-00062-PAC-7 William Mackey 1:11-cr-00062-PAC-8 Thomas Prezioso 1:11-cr-00062-PAC-9 Bradley Susser ecf.nysd.uscourts.gov

Share	Recommend \| Keep \| Reply \| Mark as Last Read

From: scion	9/20/2012 10:59:21 AM
	of 1680

An Ontario case showcasing a “pump and dump” scheme, first reported in the CSA’s 2008 Enforcement Report, concluded in 2011. Sulja Bros. Building Supplies, Ltd., another corporation and six individuals were involved in a fraudulent scheme wherein Sulja shares were issued and subsequently traded in a market that was inflated by overwhelmingly positive but false press releases about Sulja’s prospects. The respondents sought to conceal the extent of their involvement by trading through nominee accounts, creating a misleading appearance of trading activity in Sulja securities and obtaining trading profits of US$5.6 million. The Ontario Securities Commission (OSC) levelled sanctions against the respondents totalling more than $7 million. Canadian Securities Administrators 2011 Enforcement Report er-ral.csa-acvm.ca securities-administrators.ca

Share	Recommend \| Keep \| Reply \| Mark as Last Read

Copyright/IP Policy

Copyright © 1995-2013 Knight Sac Media. All rights reserved.