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Nine months after the U.S. Securities and Exchange Commission negotiated a settlement with the liquidators of failed Caymanian bank Caledonian, a U.S. court has issued default judgments against the other defendants in the case.
A U.S. district judge for the Southern District of New York has approved a consent order between the U.S. Securities and Exchange Commission and the liquidators of Caledonian, paving the way for a settlement in the case against the bank and its brokerage for their alleged role in facilitating a number of penny stock pump-and-dump schemes.
The U.S. Securities and Exchange Commission’s Office of Inspector General is evaluating a perceived lack of coordination involving the commission’s case against Caledonian and several other cases with overlapping factual circumstances.
Bahamas-based Sterling Global Financial, parent company of Sterling Trust (Cayman) Ltd., Sterling Bank & Trust (Bahamas) as well as several real estate funds, celebrated the launch of a new international branding for Cayman’s Sterling Trust on Feb. 22 at Grand Cayman Beach Suites.
Documents submitted by the U.S. Securities and Exchange Commission to a U.S. court in February have shed new light on the involvement of Caledonian executives and clients in trading securities used in four penny stock manipulation fraud schemes.
The owner of Caledonian Bank and Caledonian Securities has filed a motion to intervene in the settlement proposed by the U.S. Securities and Exchange Commission and Caledonian’s liquidators.