Belgian Businessman Accused Of Selling Millions In Shares Without Securities Commission Approval

NASSAU, BAHAMAS – A Belgian businessman is accused of selling shares valued at seven million pounds without approval from the securities commission.

Prosecutors say 64-year-old Jean Paul Michielsen while concerned with another sold Michael Willems a 75 percent stake in Pharmasimple on August 28, 2021.

Michielsen denied a charge of unlawful distribution of securities at his arraignment before Senior Magistrate Kendra Kelly-Burrows.

He was granted $115,000 bail and returns to court on July 15.

Michielsen was already on $115,000 bail for fraud pretenses.

Prosecutors allege that he defrauded five foreign nationals out of more than $547,000.

Prosecutors say the alleged victims paid the money to Michielsen to help them get immigration status in The Bahamas.