18:21:20 EDT Thu 28 Mar 2024
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SEC makes it official: Lankford won't be back

2015-03-16 11:37 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-DPRK) Deep Rock Oil and Gas Inc
Also Street Wire (U-GBVS) Global Beverage Solutions Inc
Also Street Wire (U-NSMG) National Storm Management Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has permanently banned Joshua Lankford, a former Texas brokerage owner and one-time fugitive who pleaded guilty to aiding a $44-million pump-and-dump. (All figures are in U.S. dollars.) Prosecutors said that Mr. Lankford was part of a scheme in which he and others, including former Canadian broker Dean Sheptycki, manipulated three pink sheets companies with spam and manipulative trades. The men promoted one of the stocks as a reconstruction outfit shortly after hurricane Katrina, the storm that devastated New Orleans in 2005.

Mr. Lankford's ban is contained in an administrative order the SEC released on March 4, 2015. It bars him from associating with any broker, dealer and several other entities where securities transactions occur. Essentially, even if the criminal conviction is not sufficient to end his brokerage career, the SEC order ensures it is over. Mr. Lankford agreed to the ban to settle an administrative action the SEC filed against him based on the criminal case.

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