United Sports President Resigns

One day after being accused of running a stock manipulation scheme, Lambert D. Vander Tuig resigned as president of United Sports International Inc., the Irvine company said Wednesday.

The Securities and Exchange Commission charged Vander Tuig on Tuesday with manipulating the stock of Fastlane Footwear Inc., a small Michigan shoemaker that specializes in automotive-themed garb, in 1996.

In May, United Sports, which makes snowboards, wakeboards and skateboards, offered to buy at least 50% of Fastlane Footwear and its wholly owned subsidiary, Jebco Inc. But “deadlines and obligations” were not met by a May 25 deadline and the talks ended, according to a statement by James W. France, chairman of Fastlane Footwear.

Vander Tuig could not be reached for comment Wednesday, and officials at United Sports did not return calls for comment.

The SEC said that Vander Tuig, a 40-year-old Coto de Caza resident and a former licensed securities professional, helped Fastlane raise $3 million through a public stock sale.

Vander Tuig pushed the price of the Fastlane Footwear stock to $4.88 per share, a 56% boost, through a series of sham trades, the SEC said. He then proceeded to dump the stock, “selling 103,767 shares to retail investors, causing the price of the stock to plummet nearly 75% to $1.25 per share,” according to regulatory charges.

The SEC is seeking a court order barring Vander Tuig from committing fraud in the future, the return of unspecified illegal profits and unspecified interest and fines.

United Sports was not mentioned in the SEC complaint against Vander Tuig.

United Sports said in a statement that Henry Bosma will serve as interim president after Vander Tuig’s resignation takes effect Friday.

The Irvine company’s stock, which trades over the counter, closed unchanged Wednesday at $2.75 a share.