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by Mike Caswell

The U.S. Securities and Exchange Commission has won an injunction freezing several bank and brokerage accounts belonging to Hans Peter Black, the Montreal man the regulator claims misdirected $17-million worth of investor money. (All figures are in U.S. dollars.) The SEC says there is substantial evidence that Mr. Black, 62, defrauded clients of his Boston firm, Interinvest Corporation Inc., by placing their money into risky Canadian penny stocks in which he had a direct interest. His clients subsequently incurred heavy losses, according to the SEC.

The injunction, handed down by a judge in Massachusetts on June 25, 2015, directs several banks and brokerages to deny Mr. Black access to accounts he and Interinvest hold there. He may only receive $2,000 per month to cover reasonable living expenses. The remainder of the money is frozen, as it may be subject to future disgorgement or civil sanctions, the decision states. In granting the injunction, the judge ruled that there exists a prima facie case that Mr. Black committed the violations in question. The decision does not state the amount of money the frozen accounts contain.

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