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SUGO News British Columbia Securities Commission: Two Men Admit to Roles in Alleged Market Manipulation.

"Hello good morning Janice how are you sweetheart hope all is well I see the hits just keep on coming, SUGO turn again, lol when will these CEO / IR / Promoter's / Pumper Boy's & Girls etc, ever learn."

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News for 'SUGO' - (British Columbia Securities Commission: Two Men Admit to Roles in Alleged Market Manipulation)

http://www.otcmarkets.com/stock/SUGO/news

VANCOUVER, BRITISH COLUMBIA, May 28, 2012 (MARKETWIRE via COMTEX) -- The
British Columbia Securities Commission has settled with two men who admitted to
participating in an alleged market manipulation involving a U.S.
over-the-counter issuer.

In two separate settlement agreements with BCSC staff, B.C. residents Malkeet
Singh Bains and Narvinder Singh Patric Virk each admitted that he reasonably
should have known that his actions led to a misleading appearance of trading
activity in or an artificial price for Sungro Minerals Inc. shares. Sungro, a
Nevada corporation that originally had its head office in Surrey, B.C., is
quoted on the U.S. over-the-counter bulletin board.

Bains specializes in insurance broker services and was the sole official
director of Sungro during the relevant period. In his settlement agreement,
Bains admits that in 2007 he took direction to set Sungro up as a "shell
company" from a financial planner with experience starting public companies. In
2009, when it became clear the company could not be sold as a shell, Bains and
the financial planner agreed to sell some of the shares and split the proceeds.

Bains also admits that at the behest of the financial planner, he recruited
several of his friends as seed shareholders and instructed them to sell their
shares at specified prices on specific dates in June and July of 2009.

One of these friends was Virk, who admitted in his settlement agreement that he
became a Sungro seed shareholder and recruited several of his family members and
friends at the suggestion of Bains. Virk also admits that he sold his shares, at
specified prices on specific dates between June 12 and June 22, 2009, at the
direction of Bains.

In July 2009, BCSC staff issued a temporary order cease trading Sungro, and a
notice of hearing alleging market manipulation. The notice of hearing was
amended in August 2011 to include Bains and Virk, as well as several other
additional respondents.

For his misconduct, Bains will pay the commission $125,000 and is prohibited,
with limited exceptions, from purchasing or trading securities for 25 years. He
is also prohibited, for the same period of time, from becoming or acting as an
officer or a director of any issuer, becoming or acting as a promoter, acting in
a management or consultative capacity in connection with the securities market,
and engaging in investor relations activities.

Virk has agreed to pay the commission $100,000 and is prohibited, with limited
exceptions, from purchasing or trading securities for 25 years. He is also
prohibited, for the same period of time, from becoming or acting as an officer
or a director of any issuer, becoming or acting as a promoter, acting in a
management or consultative capacity in connection with the securities market,
and engaging in investor relations activities.

The executive director previously issued orders against five of the seed
shareholders, who admitted in a settlement agreement that they had made false or
misleading statements to BCSC investigators about their purchase of Sungro
Minerals shares (see 2010 BCSECCOM 620).

The executive director also settled with Karnjit Singh Bahd (see 2011 BCSECCOM
243). As part of his settlement, Bahd admitted to lying to investigators.

The temporary order, originally issued by the executive director and confirmed
by a commission panel, prohibits trading in Sungro Minerals until a hearing is
held and a decision is rendered.

The B.C. Securities Commission is the independent provincial government agency
responsible for regulating trading in securities within the province. You may
view the settlement agreement on our website www.bcsc.bc.ca by typing in the
search box, Malkeet Singh Bains, Narvinder Singh Patric Virk or 2012 BCSECCOM
202 (Bains) or 2012 BC SECCOM 189 (Virk). Information regarding disciplinary
proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons List
for information relating to persons disciplined by provincial securities
regulators, the Investment Industry Regulatory Organization of Canada (IIROC)
and the Mutual Fund Dealers Association (MFDA).

For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713.
For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).

Learn how to protect yourself and become a more informed investor at
http://www.investright.org.

Contacts:

British Columbia Securities Commission

Richard Gilhooley

Media Relations

604-899-6713 or (Canada) 1-800-373-6393

http://www.bcsc.bc.ca

SOURCE: British Columbia Securities Commission

CONTACT: http://www.bcsc.bc.ca

http://www.otcmarkets.com/stock/SUGO/news

http://www.sungrominerals.com/invest_info.php

Copyright 2012 Marketwire, Inc., All rights reserved.

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SUBJECT CODE: Professional Services:Associations

Source: Comtex Wall Street News