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SEC's Norstra targets Dany, Landry deny wrongdoing

2015-08-27 11:32 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-NORX) Norstra Energy Inc

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by Mike Caswell

On-line stock tout Eric Dany and geologist Glen Landry deny that they did anything wrong in the promotion of Norstra Energy Inc., a B.C.-linked company that went to $2.06 in 2013. (All figures are in U.S. dollars.) The SEC charged the men in connection with Norstra in June, claiming that they vastly overstated the potential of the company, portraying it as having access to millions of barrels of oil that it did not possess. Mr. Dany participated in a spam campaign that made "wildly optimistic" projections while Mr. Landry facilitated a misleading geological report, the SEC said.

The men have now responded to those charges, filing separate answers in which they both say they did nothing wrong. In an answer filed on Aug. 20, 2015, Mr. Dany says that he was a newsletter writer (his publication was called Eric Dany's Stock Prospector) who worked on an investor relations campaign for Norstra. He admits that he received $20,000 for endorsing the company, but denies that there was anything false or misleading about his endorsement.

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