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ARTICLE · 26 APRIL 2023

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The SEC Comes To BC For A Mareva

Cassels
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The British Columbia Supreme Court (the Court) recently released a decision granting the United States Securities and Exchange Commission (the SEC) a Mareva injunction against four defendants...

CanadaCorporate/Commercial Law
Carey Veinotte
Carey Veinotte
Rajit Mittal
Rajit Mittal
Campbell Brooks
Campbell Brooks
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OVERVIEW

The British Columbia Supreme Court (the Court) recently released a decision1 granting the United States Securities and Exchange Commission (the SEC) a Mareva injunction against four defendants from British Columbia. The injunction was granted in connection with ongoing SEC proceedings (the US Proceeding) against the defendants before the United States District Court, District of Massachusetts (the US Court). In the US Proceeding, the SEC seeks disgorgement remedies from the defendants as well as civil monetary penalties for their roles in a "pump and dump" scheme that allegedly defrauded investors of approximately $1.3 billion. In granting the Mareva, the Court considered arguments relating to: breach of the defendants' Canadian and US constitutional rights; the Court's jurisdiction to grant the Mareva; and concerns around overlapping or duplicative orders.

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