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by Mike Caswell

Jean-Francois Amyot, the Quebec man facing civil fraud charges in the United States stemming from a bogus takeover offer for Spencer Pharmaceuticals Inc., has asked that the courts dismiss the case. He says that he had nothing to do with the company by the time of the takeover. Moreover, claims that he dumped $5.8-million worth of stock are simply not true, he says. (All figures are in U.S. dollars.)

Mr. Amyot is responding to a civil case that the U.S. Securities and Exchange Commission launched against him on Dec. 17, 2012. The SEC claimed that he and others boosted Spencer Pharmaceuticals in 2010 with news of a $245-million takeover from a Kuwaiti buyer. The offer was "pure fiction," but after it was announced accounts that Mr. Amyot controlled unloaded millions of shares of the company, grossing $5.8-million, the SEC said.

In response to the charges, Mr. Amyot has asked that a judge throw out the case before it goes to trial. In a motion to dismiss filed on Wednesday, May 15, he says the SEC's complaint is not sufficient to support any liability on his part. "Notably ... the 'pump-and-dump' started in June 2010 -- long after Mr. Amyot was through as an officer or director of Spencer," the motion states.

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