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

Canadian-linked stock tout Christopher Wheeler will appear before a New York judge on Aug. 7, 2014, when prosecutors anticipate he will plead guilty to criminal charges stemming from his failure to file tax returns. Prosecutors claim that Mr. Wheeler, a New York resident, did not file his taxes for three years. During that time, he allegedly had $11.95-million in gross income and, according to the U.S. Securities and Exchange Commission, made $1.3-million in the pump-and-dump of Toronto pink sheets listing Cannon Exploration Inc. (All figures are in U.S. dollars.)

Mr. Wheeler's anticipated guilty plea is contained in a sentencing calculation prosecutors filed on July 23, 2014. They say that he faces up to three years in jail and a fine of up to $75,000. He could also receive one year of supervised release. Mr. Wheeler previously pleaded not guilty to the charges and has been free after promising to appear in court when required.

For Mr. Wheeler, the tax case is one of three legal actions against him. Since 2011, the SEC has been pursuing him for the pump-and-dumps of four companies. The regulator claims that he recommended the stocks through his website, OTCStockExchange.com, and secretly sold millions of shares. With Cannon Exploration, he set a $10 target price for the stock, then sold 774,000 shares, the SEC says.

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