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SEC target Amyot a no-show for Boston trial

2014-11-19 12:55 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-SPPH) Spencer Pharmaceutical Inc

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by Mike Caswell

Quebec's Jean-Francois Amyot missed his pump-and-dump trial in Boston on Monday, resulting in the judge cancelling the hearing and finding Mr. Amyot in default. The hearing, which included a jury, was to begin Monday and continue for several days until the jury decided allegations that Mr. Amyot had run a $5.8-million market manipulation. (All figures are in U.S. dollars.) Mr. Amyot did not arrive in the courtroom at the start of the day, and after waiting just 15 minutes the judge decided that he was not going to arrive. The judge then declared him to be in default, a finding that will likely result in him losing the case.

The trial was to hear allegations by the U.S. Securities and Exchange Commission that Mr. Amyot was part of the manipulation of a pink sheets company called Spencer Pharmaceuticals Inc. in 2010. The regulator claimed that he and others arranged a bogus $245-million takeover offer for the company from an overseas buyer. Mr. Amyot then dumped millions of unregistered shares, according to the SEC.

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