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by Mike Caswell
The U.S. Securities and Exchange Commission has won $3.79-million in penalties against Montreal penny stock promoters Dan Ryan and Carol McKeown. (All figures are in U.S. dollars.) The fine, which represents the outcome of a scalping case, is contained in separate default judgments entered against the pair on Jan. 25, 2011, by Florida District Judge James Cohn.
The penalty stems from a civil suit the SEC launched in June, 2010. It claimed that Mr. Ryan and Ms. McKeown promoted 65 stocks through their website, PennyStockChaser, as they secretly sold millions of shares. The couple failed to answer the charges, leading the SEC to seek the default judgment that it has now won.
The $3.79-million joint penalty represents disgorgement of ill-gotten gains from share sales, including interest. In addition to the financial penalty, the SEC has won orders permanently banning the couple from participating in penny stock offerings, as well as injunctions preventing future violations. The SEC has also won yet-to-be-determined civil penalties.
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again, the wonderful SEC, whom this site often calls our BEST regulator wins a judgement. BUT, what about the people who got ripped off? it sure wasn't the f'n SEC but they end up with the ill-gotten gains. If you follow the money, the SEC ends up being the one that rips off the public. Now, IF any of you unfortunates, like the two mentioned above and Curtis and Peever from yesterdays SEC crap do end up having to pay fines (Brent whatever your name was) why not agree to the fine ONLY IF THE SEC RIP OFF ARTISTS agree to pay the fine money to the poor people who's money was lost by your scamming ways in the first place???? The ones who end up with the dough are just as criminal as the crims that perpetrated the fraud in the first place.