Bermuda investment firm investigated by SEC

Monday, June 14, 2004

MIAMI, USA: According to a report by KYC News, Bermuda-based investment firm Lines Overseas Management Ltd. and its principal executive officers, Brian and Scott Lines, are being investigated for alleged securities fraud in the United States.

Details of the investigation were contained in an application that was filed at the U. S. District Court for the District of Columbia on June 10, 2004 in which the SEC is seeking to enforce investigative subpoenas that were served on LOM and its Managing Director, Scott Lines, on April 20, 2004 at Miami International Airport, in Florida.

According to court filings, the SEC's investigation involves alleged fraud and market manipulation concerning three publicly-traded firms: Sedona Software Solutions Inc., which is based in Vancouver, Canada; SHEP Technologies Inc., which is also based in Vancouver; and HiEnergy Technologies Inc., which is based in Irvine, California.

The SEC suspects that Scott Lines; his brother, Brian Lines, who is LOM's President; and LOM's customers made massive profits from illegal activity and that LOM's internal records were subsequently altered to impede an SEC investigation.

The SEC is seeking to obtain certain LOM client records as part of its investigation, which encompasses LOM's operations in Bermuda, the Bahamas and the Cayman Islands, according to court filings.

  Back...

  Most popular articles: viewed, printed and e-mailed

  Printable version