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by Mike Caswell

The U.S. Securities and Exchange Commission has permanently banned Moshe Dunoff, a Florida man charged for aiding an international boiler room. The SEC claimed that the scheme defrauded investors in 14 countries by promising them huge profits through offerings of discounted shares in public companies. The two stocks the regulator mentioned were Atlantic Wind and Solar Inc. of Toronto and Diamond Offshore Drilling Inc. of Houston. (The regulator did not accuse either company of any wrongdoing.)

Mr. Dunoff's ban is contained in an administrative order the SEC issued on Sept. 4, 2015. The order permanently bars him from penny stock offerings and from engaging in promotional activities. Mr. Dunoff accepted the ban to settle the case against him. Unlike many who settle with the SEC, Mr. Dunoff has admitted the allegations against him.

The settlement comes just weeks after the SEC initially charged Mr. Dunoff, claiming that he aided a boiler room operation that was run from Thailand and other locations. In a complaint filed Aug. 20, 2015, the regulator said that boiler room operators called investors in 2009 and 2010 and offered them discounted shares in public companies. Victims sent money to accounts Mr. Dunoff had set up. He passed the money on to offshore accounts after keeping a fee of between 6 per cent and 10 per cent for himself.

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