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by Mike Caswell

John Babikian, the Montreal tout facing civil fraud charges for a $1.91-million scalping scheme, has agreed to pay $3.73-million to settle the case. (All figures are in U.S. dollars.) He has also accepted a permanent penny stock ban. Mr. Babikian, 26, did not admit any wrongdoing in reaching the settlement.

JOURNAL DE QUEBEC

John Babikian

The deal comes just four months after the U.S. Securities and Exchange Commission charged Mr. Babikian, operator of the AwesomePennyStocks.com website, for fraudulently promoting a Utah coal miner called American West Resources Ltd. He listed the stock as a pick on Feb. 23, 2013, sending it to $1.80. Without making proper disclosures, he then sold 1.3 million shares, generating $1.9-million in profits, the SEC said.

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