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by Mike Caswell
Abbotsford's Colin McCabe has settled civil charges he faces from the U.S. Securities and Exchange Commission for improperly touting a group of OTC Bulletin Board listings. The SEC claims that he wrote misleading reports about the companies while secretly collecting millions of dollars in payments. Typically the stocks went up while his reports were circulating, but rapidly declined after.
Terms of Mr. McCabe's settlement are not yet public. He reached the deal at a conference with a lawyer for the SEC on Thursday, June 11. The SEC's lawyer has asked the judge to delay further proceedings for 60 days so that she may present the deal to the commission for approval. Assuming the deal is approved, its terms will be released in the form of a final judgment against Mr. McCabe. When it originally filed the case, the SEC sought disgorgement of Mr. McCabe's gains, which it listed as $16-million, plus an appropriate fine. (All figures are in U.S. dollars.)
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