18:08:54 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



SEC sees Indiana as a fine place to charge Skerry

2017-11-20 10:46 ET - Street Wire

Also Street Wire (U-SHGT) Success Holdings Group International Inc

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission says that there is no jurisdictional reason to throw out the case it filed in Indiana against Michael Skerry for an OTC Link scheme. Mr. Skerry, who is seeking to have the case dismissed, bought and sold shares on the U.S. markets and communicated with U.S. investors, the SEC contends. Moreover, the company he is accused of touting had its office in Indiana.

The statements from the SEC come as part of a case in which the regulator claims that Mr. Skerry boosted a company called Success Holdings Group International Inc. In 2014, he touted the company as a provider of health drinks and on-line movies while secretly selling shares, according to the SEC. The stock went to $10.25 from $1, and was last at 10 cents. (All figures are in U.S. dollars.)

Mr. Skerry has not yet responded to the substance of the SEC's allegations, but in a motion filed on Oct. 31, 2017, he asked the judge to dismiss the case on jurisdictional grounds. He said that SEC filed the charges in Indiana, a venue with no connection to the events at issue. In bringing the case there, the SEC is attempting to force him into litigating thousands of miles from where he lives, he contended. He further said that he did not sell shares in that jurisdiction nor did he transact any business there.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed