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by Mike Caswell
The U.S. Securities and Exchange Commission has reached settlements with Maximillien Arella and Ian Morrice, two men accused of participating in a $5.8-million pump-and-dump led by Quebec's Jean-Francois Amyot. (All figures are in U.S. dollars.) Both men have agreed to five-year bans and to pay $50,000. The men did not admit any wrongdoing in settling the case.
The SEC claimed that Mr. Arella and Mr. Morrice were officers and directors of Spencer Pharmaceuticals Inc., a company purportedly developing new drug delivery technology. The regulator said that they aided in a 10-month manipulation of the stock that culminated with a bogus $245-million takeover offer. Although the SEC did not accuse them of making any money from the scheme, it said they helped create and distribute nearly 20 news releases about the bogus takeover.
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CANOE.CA |
Jean-Francois Amyot |
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