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U.S. SEC files securities fraud charges against Vancouver man for 'concealed promotion'


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The U.S. Securities and Exchange Commission has charged New Jersey-based biotech company RenovaCare and its controlling shareholder, a Vancouver businessman, with securities fraud.
The SEC’s complaint, filed in Federal Court in the Southern District of New York, alleges that Harmel S. Rayat, 59, and RenovaCare intentionally concealed promotional activities designed to increase the company’s stock price and issued a news release that denied their participation in those activities.
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