Offshore Firm to Pay $4.2 Million SEC Fine Over Microcap Scheme

Offshore company Tamarind Investments Inc. will pay the Securities and Exchange Commission more than $4.2 million over allegations it was part of a network of foreign entities used to illegally dump microcap shares.

From at least July 2015 through at least June 2019, Tamarind was part of a scheme enabling public company control persons to fraudulently sell stock to retail investors on public U.S. securities markets, the SEC said.

According to the filings, Steve Bajic and Rajesh Taneja, who controlled Caribbean-based Tamarind, worked with Kenneth Ciapala and Blacklight SA to orchestrate the coordinated dumping of shares.

In order to sell ...