The SEC charges Ballas with goosing up stock prices using positive, but false, company announcements.
The SEC is asking the court to take back from Ballas any wrongful profits, plus interest.
In any case, under Singapore law, the merger was left to a court-mandated vote by Vickers Ballas shareholders.
But the extraordinary general meeting that Vickers Ballas called to seek shareholder approval of its merger with G.
"Ballas' scheme proved wildly effective, " says the complaint, filed in federal court in San Jose, Calif. on Oct. 22.
New York stockbroker Lambros Ballas is accused of spinning yarns the good old fashion way: by issuing a fake press release.
Last Thursday the U.S. Securities and Exchange commission filed charges against Ballas, an independent contractor with Global Arena Capital Corp.
When I wrote about Ong Beng Seng's battle on behalf of Vickers Ballas shareholders, I pointed to all sorts of ironies.
Sharon Ballas, an agent in Houston, says many spec homes are selling "at the Sheetrock stage" that buyers then customize to their tastes.
But Ballas allegedly took to the boards again, this time posting under the username "desmatia": "it wasn't Micrsoft it was GOOGLE" who bought Local.com, the user wrote.
It is also asking the court to issue a permanent restraining order preventing Ballas from further fraudulent activity, presumably by banning him from engaging in social financial services like online message boards.
It was the standing of one of Singapore's most seasoned corporate players, Mr. Ong, who controls about 20% of the Vickers Ballas shares, and one of the island-republic's most powerful woman, Madam Ho, whose Singapore Technologies owns 40% of the firm.
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