Sinan O. Akendiz

The Ontario Securities Commission held a hearing regarding a 'pump and dump' scheme involving the promotion and sale of shares of Sulja Nevada.

Based on uncontested evidence, the Commission found that Steven Sulja, as CEO, breached subsection 126.2(1) of the Securities Act by failing to correct false statements in press releases regarding merger opportunities, revenue potential, and audit arrangements.

The Commission also found that Sam Sulja breached subsection 126.1(a) of the Act by trading heavily as a nominee to conceal another party's involvement, thereby creating a misleading appearance of trading activity.

The Ontario Securities Commission held a hearing regarding allegations of a 'pump and dump' scheme involving shares of Sulja Nevada.

The respondents Vucicevich, Banumas, and Shah did not contest the allegations.

The Commission found that Vucicevich issued materially misleading press releases to artificially inflate the stock price and subsequently sold shares through nominee accounts held by Banumas and Shah.

The Commission concluded that Vucicevich traded without registration, distributed securities without a prospectus, and perpetrated a fraud contrary to the Securities Act.

Banumas and Shah were found to have contributed to a misleading appearance of trading activity.