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by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil fraud charges against David Skriloff, the chief executive officer of suspended TSX Venture Exchange listing Specialty Liquid Transportation Corp. The SEC claims that Mr. Skriloff was part of a 2017 scheme to unload $1.5-million worth of shares in a predecessor to Specialty Liquid. (All figures are in U.S. dollars.) Among other things, Mr. Skriloff knowingly allowed an insider, former Toronto broker Morrie Tobin, to run a paid promotion campaign while carrying out a "massive dump of shares," the SEC says.

The charges against Mr. Skriloff come about 10 months after authorities first moved against Mr. Tobin and others for the fraud. According to the SEC, Mr. Tobin was behind the manipulations of two OTC Markets companies. The stocks in the scheme include Environmental Packaging Technologies Holdings Inc., for which Mr. Skriloff was CEO. (The company's assets later went into Specialty Liquid Transportation, which listed on the TSX-V on Nov. 9, 2018.) The other company was Cure Pharmaceutical Holding Corp. Mr. Tobin has pleaded guilty to related criminal charges in Boston, and awaits sentencing.

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