Vancouver businessman David Sidoo faces new fraud allegations
Posted Apr 15, 2022 10:22 am.
Vancouver businessman and philanthropist David Sidoo is facing further allegations of fraud.
The Securities and Exchange Commission in the U.S. has named the former CFL player as one of eight people it has charged with committing securities fraud.
Sidoo and the other defendants are accused of using public companies, including a B.C. issuer, for gain.
The commission claims Sidoo and others generated a combined $145 million as a result of this scheme, which comprised what documents suggest were “a series of highly profitable
‘pump-and-dumps’ of the stock of at least seventeen publicly-traded companies (‘Issuers’) quoted on U.S. markets.”
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These latest claims against Sidoo come a couple of years after he completed jail time in connection with the U.S. college admissions scandal.
Back in 2020, Sidoo spent three months in jail after entering a plea deal to mail fraud conspiracy.
He was among 50 prominent parents, university coaches, and other people charged in 2019 in connection with what authorities said involved rigged entrance exams and bogus athletic credentials to make applicants look like star athletes for sports they didn’t play.
Sidoo paid the admissions consultant at the centre of the scheme $200,000 to have someone pose as his sons using a fake ID to secure higher scores on their SATs, prosecutors said.
