Featured Article: 4 B.C. residents charged with running international 'pump-and-dump’ schemes - Frederick L. Sharp, Mike K.G. Veldhuis, Paul Sexton, Luis Carrillo

Four B.C. residents were indicted in the U.S. this week in connection to a series of "long-running international securities fraud schemes," according to the U.S. Attorney's Office for the District of Massachusetts

The indictment alleges that the four Canadians – along with a former California attorney who is now believed to be residing in Mexico – generated "at least tens of millions in illicit proceeds" through "pump-and-dump" schemes.

Frederick L. Sharp, 71, and Courtney M. Kelln, 43, have been charged with two counts each of securities fraud and conspiracy to commit securities fraud.

Mike K.G. Veldhuis, 43, and Paul Sexton, 55, have been charged with one count each of the same charges.

The fifth indicted person, 50-year-old Luis Carrillo, also faces one count of securities fraud and one count of conspiracy to commit securities fraud. He is the only one in the group who is not from B.C.

All five are considered innocent until proven guilty.

According to the U.S. Attorney's Office, the indictment alleges that Sharp "operated a sophisticated platform for at least six years that provided a variety of services to individuals seeking to conceal their identities in contravention of the securities laws when selling penny stock shares during pump-and-dumps."