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by Mike Caswell

Dan Clozza, the Vancouver man facing civil charges from the U.S. Securities and Exchange Commission for manipulating Forum National Investments Ltd., has responded to the case, denying that he did anything wrong. The SEC claimed that Mr. Clozza, 55, helped set up a misleading on-line touting campaign that boosted the stock to $1.90. (All figures are in U.S. dollars.) During the campaign his relatives and associates sold over one million shares, according to the SEC.

Mr. Clozza, in an answer filed on Wednesday, April 8, simply denies that he did most of the things the SEC accused him of. In particular, he denies paying for fictitious analyst reports and claims that his relatives did not make any money by selling shares during the scheme. He further denies issuing false or misleading news releases. The answer mostly consists of bare denials, and does not provide any further details.

CANADA.COM

Dan Clozza

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