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by Mike Caswell

The U.S. Securities and Exchange Commission has permanently banned Vancouver's Mitchell Adam from penny stocks over his role in the planned pump-and-dump of a purported oil company. The regulator claimed that he and others set up an elaborate plan to boost a U.S. listing named HBP Energy Corp. In obtaining the ban, the SEC cited his separate guilty plea to criminal charges of conspiracy to commit securities fraud and mail fraud.

The ban is contained in an order handed down by New Jersey Judge Jose Linares on Aug. 11, 2015. In addition to permanently prohibiting Mr. Adam from participating in any offering of penny stocks, it bars him from committing any future violations. Mr. Adam did not contest the ban, agreeing to its terms to settle the SEC's case.

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