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by Mike Caswell
The U.S. Securities and Exchange Commission has filed a motion seeking $55.7-million in penalties against Florian Homm, one of the defendants in a $63-million market manipulation case. (All figures are in U.S. dollars.) The SEC claims that Mr. Homm, a German fund manager, used hedge funds he controlled to manipulate a number of thinly traded OTC Bulletin Board and pink sheets companies. At the same time, he and his co-accused sold shares in those companies, generating millions in illegal profits, according to the SEC.
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Florian Homm |
The regulator is asking the courts to impose the penalties against Mr. Homm as a default judgment, as he has not answered the case. The action is continuing against his two co-accused, who include Victoria resident Colin Heatherington.
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