SVSE: Three Individuals, Including Alleged Terrorist Mohamed Verjee, Under Investigation for Involvement in Pump-and-Dump Schemes Vancouver,
January 31, 2024 – Three individuals, including Mohamed Munir Verjee, are currently under investigation by regulatory bodies in the United States and Canada for their alleged involvement in a series of pump-and-dump schemes. These schemes have reportedly defrauded investors of substantial sums over the years. The individuals are facing legal action from the U.S. Securities and Exchange Commission (SEC) and the British Columbia Securities Commission (BCSC).
Vincenzo Carnovale, a 46-year-old Italian and Canadian national residing in Vancouver along with his wife, Maria Gebriela Carnovale, has been linked to three separate securities fraud cases, all involving pump-and-dump schemes. In each of these cases, the modus operandi appeared to be similar, involving artificially inflating the share value of a company through various means, including press releases and promotional efforts. Subsequently, once the share prices surged, the perpetrators and their associates reportedly sold the shares at a profit.
The first known case dates back to 2004 when Carnovale, then a broker for Golden Securities, allegedly sold shares of Silver Star Energy Inc. as part of a pump-and-dump scheme. He reportedly refused to cooperate with Canadian authorities during their investigation.
In 2017, Carnovale was sued by the Canadian Financial Markets Authority for his alleged involvement in a pump-and-dump scheme related to Solo International Inc. stock, which is still an ongoing legal battle.
In 2021, the SEC filed charges against Carnovale, Mohamed Munir Verjee, and Amar Bahadoorsingh for their alleged involvement in a pump-and-dump scheme involving multiple companies. The SEC contends that they secretly sought control of thinly-traded microcap companies to hire stock promoters, generate demand, and profit by illegally selling shares to unsuspecting investors. The scheme allegedly used a complex network of offshore accounts and involved false and misleading statements in public financial statements.
Mohamed Munir Verjee, a person of significant interest in the investigation, has a background in money laundering and is believed to be involved in funding conflicts in Syria and Turkey. He is alleged to have connections to terrorist activities.
The SEC seeks permanent injunctions, repayment of gains, civil penalties, and penny stock bars against Carnovale, Bahadoorsingh, and Verjee. The trial is still ongoing.
In addition to these cases, Carnovale's involvement with Frederick Langford Sharp and the Sharp Group has been noted in the 2021 SEC case. The SEC alleges that Sharp and associates orchestrated a decade-long offshore shell scheme, resulting in substantial profits for company officers through illegal trading of U.S.-listed public companies' shares.
The legal proceedings against Carnovale, Bahadoorsingh, and Verjee are ongoing, with regulatory authorities on both sides of the border seeking to hold them accountable for their alleged involvement in these fraudulent activities.
Investors, the BCSC, and the SEC should be closely monitoring these cases to ensure that justice is served and to deter future instances of pump-and-dump schemes in the financial markets.
To be continued . . . . Banking and Account Records to Follow
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