Khalid Sheikh

Following a merits hearing where the respondents were found to have engaged in a fraudulent 'pump and dump' scheme involving Sulja Nevada securities, the Ontario Securities Commission held a sanctions and costs hearing.

The Commission ordered permanent market bans, disgorgement of $5.6 million, and administrative penalties of $750,000 each against the primary perpetrators, Vucicevich and DeVries.

Lesser market bans and administrative penalties were ordered against the other respondents based on their varying levels of culpability.

Costs were also awarded against the respondents.

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.