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by Mike Caswell

The U.S. Securities and Exchange Commission has won $306,049 in penalties for Colin McCabe, the Abbotsford stock tout charged for his "egregious touting" of a group of OTC Bulletin Board companies. (All figures are in U.S. dollars.) The SEC claimed that Mr. McCabe recommended several stocks through three newsletters he controlled but failed to disclose $16-million in payments. He also falsely told readers that he had extensively researched the stocks he was touting, the SEC said.

Mr. McCabe's fine is contained in a consent judgment entered on Tuesday, Aug. 11, in the District of Utah. In addition to the $306,049 in penalties, the decision bars any future violations. The sanctions represent an out-of-court settlement, in which Mr. McCabe did not admit to any wrongdoing.

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Colin McCabe

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