SEC Charges U.K.-Based Father and Son, and Two Others in Transatlantic Microcap Fraud Scheme
summary
Timothy and Trevor Page, aided by William Shupe and Daniel Cattlin, orchestrated a $10 million microcap stock fraud by concealing control through nominee entities, manipulating trading via boiler rooms, and evading securities laws, leading the SEC to seek asset freezes, disgorgement, civil penalties, and multiple trading and leadership bans.
paragraph
The SEC charged Timothy Page, Trevor Page, William R. Shupe, Daniel Cattlin, and five corporate entities with orchestrating a $10 million microcap stock fraud scheme involving concealment of ownership, illegal unregistered sales, and market manipulation. Timothy and Trevor Page used nominee entities and boiler rooms to artificially inflate demand and dump millions of shares, while Shupe and Cattlin aided the scheme by acting as fronts and providing false information to SEC investigators. The SEC seeks asset freezes, disgorgement of ill-gotten gains with interest, civil penalties, permanent injunctions, penny stock bars against Trevor Page, Cattlin, and Shupe, and officer/director bars against Cattlin and Shupe.
narrative
The SEC filed two complaints in the Eastern District of New York charging Timothy Page, his son Trevor Page, associates William R. Shupe and Daniel Cattlin, and five corporate entities in a $10 million microcap stock fraud scheme. Timothy and Trevor Page concealed their control over U.S. microcap companies through nominee entities, illegally dumped millions of unregistered shares, and used boiler rooms to generate artificial demand via misleading statements to investors. Shupe facilitated the scheme by holding the Pages’ securities in a company he formed and helping conceal their funding, while Cattlin coordinated false responses to SEC subpoenas and a June 2020 interview. Timothy Page’s wife, Janan Page, is named as a relief defendant for allegedly receiving illicit proceeds. The SEC is seeking asset freezes against seven defendants and one relief defendant, along with disgorgement, civil penalties, permanent injunctions, penny stock bars against Trevor Page, Cattlin, and Shupe, and officer/director bars against Cattlin and Shupe. The Pages are also charged with violating market manipulation, registration, and reporting provisions, while Shupe and Cattlin are charged with aiding and abetting antifraud violations. The case involved international cooperation with regulators from the UK, Canada, Malta, Mauritius, Hong Kong, Hungary, and Singapore, highlighting the SEC’s focus on cross-border microcap fraud and complex concealment schemes.
Classified boiler-room(confidence 95%). EDGAR detection: forms Form D· recall 50% / precision 4%. detection rule →
Statutes
Parties
daniel cattlindirector of sec's boston regional officefraudulent microcap schemejanan pagepaul levensonSecurities and Exchange Commissiontimothy pagetrevor pagewilliam r. shupe
Keywords
securitiestrevor pagepagesecmicrocapsecurities lawstrevorcompaniestimothypagesshupemicrocap fraudmicrocap companiestimothy trevorpage entity
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 1
- $10.00M $10 million $10M–$100M
Entities 11
- person daniel cattlin
- agency director of sec's boston regional office
- person fraudulent microcap scheme
- person janan page
- scheme_term manipulative trading and hired boiler rooms to generate artificial demand
- person paul levenson
- agency Securities and Exchange Commission
- person timothy page
- person trevor page
- scheme_term violating market manipulation provisions of federal securities laws
- person william r. shupe
Triples 25
- SEC filed two complaints in the United States District Court for the Eastern District of New York
- SEC charged four individuals and five entities for roles in fraudulent microcap scheme
- Fraudulent Microcap Scheme generated $10 million in unlawful stock sales
- SEC seeking order to freeze assets of seven defendants and one relief defendant
- Timothy Page schemed with associates to acquire millions of shares in U.S. publicly traded microcap companies
- Timothy Page is United Kingdom citizen and recidivist
- Trevor Page is U.K. resident and son of Timothy Page
- Timothy Page and Trevor Page used nominee entities to conceal holdings in companies
- Timothy Page and Trevor Page engaged in manipulative trading and hired boiler rooms to generate artificial demand
- William R. Shupe is Utah resident and associate of the Pages
- Daniel Cattlin is U.K. resident and associate of the Pages
- William R. Shupe and Daniel Cattlin used insider roles as officers or majority shareholders to hide Pages' control
- William R. Shupe enabled the Pages to disguise control by holding securities through company he formed
- Daniel Cattlin coordinated with the Pages to provide false information in response to SEC subpoenas and interviews
- SEC charged nine defendants with violating antifraud provisions of federal securities laws
- Timothy Page and Trevor Page charged with violating securities laws' registration provisions
- Timothy Page and Trevor Page charged with violating securities laws' reporting provisions
- Timothy Page and Trevor Page charged with violating market manipulation provisions of federal securities laws
- Daniel Cattlin and William R. Shupe charged with aiding and abetting Pages' violations of antifraud provisions
- Janan Page named as relief defendant for receipt of illicit proceeds from fraudulent scheme
- SEC seeking permanent injunctions, disgorgement of ill-gotten gains plus interest, and civil penalties
- SEC seeking penny stock bars against Trevor Page, Daniel Cattlin, and William R. Shupe
- SEC seeking officer and director bars against Daniel Cattlin and William R. Shupe
- Paul Levenson is Director of SEC's Boston Regional Office
- SEC appreciates assistance of FINRA, British Columbia Securities Commission, RCMP, Malta FSA, Mauritius FSC, Hong Kong SFC, Magyar Nemzeti Bank, MAS
PDF (from attached: complaint)
Text layers
Extracted body text (4,286c)
The Securities and Exchange Commission today filed two complaints in the United States District Court for the Eastern District of New York charging four individuals and five entities for their roles in an allegedly fraudulent microcap scheme that generated more than $10 million in unlawful stock sales. The SEC also is seeking an order to freeze the assets of seven of the defendants and one relief defendant. According to the first of the two complaints, United Kingdom citizen Timothy Page, a recidivist, and his son, U.K. resident Trevor Page, schemed with associates to acquire millions of shares in U.S. publicly traded microcap companies, disguise their control over the companies, and then dump their shares into the public markets in violation of the securities laws. The Pages allegedly used nominee entities, including the five entity defendants, to conceal their holdings in the companies, and then engaged in manipulative trading and hired boiler rooms to generate artificial demand for their stock by making misleading statements to investors. The SEC's second complaint alleges that two of the Pages' associates, Utah resident William R. Shupe and U.K. resident Daniel Cattlin, used their insider roles as officers or majority shareholders at several of the microcap companies to hide the Pages' control. At the same time, they helped the Pages secretly acquire and then sell millions of the companies' shares. Shupe allegedly enabled the Pages to disguise their control over the companies by, among other things, holding the Pages' securities through a company Shupe formed and by helping the Pages conceal their funding of the microcap companies. Cattlin is alleged to have coordinated with the Pages to provide false and misleading information in response to investigative subpoenas issued by the SEC staff, and during an interview conducted by SEC staff in June 2020. "As we allege in the complaints, the defendants took elaborate steps to hide their fraudulent conduct," said Paul Levenson, Director of the SEC's Boston Regional Office. "We will continue to pursue bad actors, whether located in the U.S. or abroad, who engage in complex schemes to generate illicit profits at the expense of U.S. investors." The SEC's complaints charge each of the nine defendants with violating the antifraud provisions of the federal securities laws. Timothy and Trevor Page and three of the entity defendants also are charged with violating the securities laws' registration provisions, and Timothy and Trevor Page and one entity are charged with violating the securities laws' reporting provisions. Timothy Page and Trevor Page also are charged with violating the market manipulation provisions of the federal securities laws. Cattlin and Shupe are charged with aiding and abetting the Pages' violations of the antifraud provisions of the securities laws. Timothy Page's wife, Janan Page, is named as a relief defendant for her alleged receipt of illicit proceeds from the Pages' fraudulent scheme. In addition to seeking an order freezing the assets of Timothy, Trevor, and Janan Page and the five entity defendants, the SEC seeks permanent injunctions, disgorgement of ill-gotten gains plus interest, and civil penalties against all the defendants. The SEC also seeks penny stock bars against Trevor Page, Cattlin, and Shupe, conduct-based injunctions against the Pages, and officer and director bars against Cattlin and Shupe. The SEC's cases are being handled by Trevor Donelan, Kathleen Shields, Eric Forni, Rebecca Israel, David Scheffler, and Amy Gwiazda in the Boston Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the British Columbia Securities Commission, the Royal Canadian Mounted Police, the Malta Financial Services Authority, the Mauritius Financial Services Commission, the Hong Kong Securities and Futures Commission, Magyar Nemzeti Bank (The Central Bank of Hungary), and the Monetary Authority of Singapore. Investors should be aware that it is often easier for fraudsters to manipulate the stock price or trading volume of microcap stocks, which historically have been less liquid and more thinly traded (lower volume) than the stocks of larger companies. Learn more about microcap fraud on Investor.gov.
OCR text (4,286c · html-text · 99% conf)
The Securities and Exchange Commission today filed two complaints in the United States District Court for the Eastern District of New York charging four individuals and five entities for their roles in an allegedly fraudulent microcap scheme that generated more than $10 million in unlawful stock sales. The SEC also is seeking an order to freeze the assets of seven of the defendants and one relief defendant. According to the first of the two complaints, United Kingdom citizen Timothy Page, a recidivist, and his son, U.K. resident Trevor Page, schemed with associates to acquire millions of shares in U.S. publicly traded microcap companies, disguise their control over the companies, and then dump their shares into the public markets in violation of the securities laws. The Pages allegedly used nominee entities, including the five entity defendants, to conceal their holdings in the companies, and then engaged in manipulative trading and hired boiler rooms to generate artificial demand for their stock by making misleading statements to investors. The SEC's second complaint alleges that two of the Pages' associates, Utah resident William R. Shupe and U.K. resident Daniel Cattlin, used their insider roles as officers or majority shareholders at several of the microcap companies to hide the Pages' control. At the same time, they helped the Pages secretly acquire and then sell millions of the companies' shares. Shupe allegedly enabled the Pages to disguise their control over the companies by, among other things, holding the Pages' securities through a company Shupe formed and by helping the Pages conceal their funding of the microcap companies. Cattlin is alleged to have coordinated with the Pages to provide false and misleading information in response to investigative subpoenas issued by the SEC staff, and during an interview conducted by SEC staff in June 2020. "As we allege in the complaints, the defendants took elaborate steps to hide their fraudulent conduct," said Paul Levenson, Director of the SEC's Boston Regional Office. "We will continue to pursue bad actors, whether located in the U.S. or abroad, who engage in complex schemes to generate illicit profits at the expense of U.S. investors." The SEC's complaints charge each of the nine defendants with violating the antifraud provisions of the federal securities laws. Timothy and Trevor Page and three of the entity defendants also are charged with violating the securities laws' registration provisions, and Timothy and Trevor Page and one entity are charged with violating the securities laws' reporting provisions. Timothy Page and Trevor Page also are charged with violating the market manipulation provisions of the federal securities laws. Cattlin and Shupe are charged with aiding and abetting the Pages' violations of the antifraud provisions of the securities laws. Timothy Page's wife, Janan Page, is named as a relief defendant for her alleged receipt of illicit proceeds from the Pages' fraudulent scheme. In addition to seeking an order freezing the assets of Timothy, Trevor, and Janan Page and the five entity defendants, the SEC seeks permanent injunctions, disgorgement of ill-gotten gains plus interest, and civil penalties against all the defendants. The SEC also seeks penny stock bars against Trevor Page, Cattlin, and Shupe, conduct-based injunctions against the Pages, and officer and director bars against Cattlin and Shupe. The SEC's cases are being handled by Trevor Donelan, Kathleen Shields, Eric Forni, Rebecca Israel, David Scheffler, and Amy Gwiazda in the Boston Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the British Columbia Securities Commission, the Royal Canadian Mounted Police, the Malta Financial Services Authority, the Mauritius Financial Services Commission, the Hong Kong Securities and Futures Commission, Magyar Nemzeti Bank (The Central Bank of Hungary), and the Monetary Authority of Singapore. Investors should be aware that it is often easier for fraudsters to manipulate the stock price or trading volume of microcap stocks, which historically have been less liquid and more thinly traded (lower volume) than the stocks of larger companies. Learn more about microcap fraud on Investor.gov.