To artfully dodge disclosure norms targeting individuals holding over 5% of a company’s stock, Sharp cunningly dispersed the shares across multiple shell companies.
Defense Arguments Fall on Deaf Ears
In a twist that could rival any courtroom drama, the defense built its case around the contention that the SEC’s trio of star witnesses — originating from elite Swiss financial circles — were not reliable. Their motivation? These witnesses were battling criminal charges and were perceived to be currying favor with federal prosecutors to lessen potential jail time.
Despite these claims, the jury’s verdict showed unwavering trust in the commission’s testimony.
Reactions post-verdict ranged from Gasarch’s lawyer, Karen A. Pickett, expressing shock at the jury siding with the SEC, to Friesen’s counsel voicing significant disappointment. Meanwhile, on the SEC front, the Division of Enforcement director, Gurbir S. Grewal, lauded the verdict, underscoring the SEC’s unwavering commitment to bring international fraudsters to justice.
Penny Stock Fraud Case : The Battle Continues
While Gasarch and Friesen have been cornered for securities law violations, the saga is far from over. All eyes are now fixated on the upcoming penalty phase. It promises to be an arena where the defendants are geared up to re-engage in their battle against the commission.
Penny Stock Fraud Case : Representation
The SEC’s torchbearers in this case include Alfred A. Day, David H. London, Nita K. Klunder, and Kathleen B. Shields. Gasarch is defended by Karen A. Pickett of Pickett Law Offices. Jackson Friesen’s defense consists of Maranda E. Fritz of Maranda E. Fritz PC and J. Timothy Fazio of Manning Gross & Massenburg LLP.
