Two B.C. residents will remain on the hook to pay the B.C. Securities Commission $15.85 million for their stock market manipulation, the Court of Appeal of B.C. ruled June 21.
Garo Aram Deyrmenjian and Raffi Khorchidian had previously each been ordered to disgorge $7.14 million of ill-gotten gains after a commission hearing panel determined they participated in stock market manipulation likened to a pump and dump.
Deyrmenjian and Khorchidian were issued a hearing notice in October 2016 and by April 2018 a commission panel determined that in 2011 the pair executed “a significant, and sophisticated, market manipulation” of a Nevada-registered public company by utilizing misleading marketing campaigns paid for
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