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by Mike Caswell
Abbotsford's Robert Dunn has agreed to a permanent penny stock ban and to pay $20,000 to settle civil charges brought by the U.S. Securities and Exchange Commission for the manipulation of Forum National Investments Ltd. (All figures are in U.S. dollars.) The SEC claimed that Mr. Dunn and others boosted the stock to $1.90 in 2012. His role in the scheme included paying for on-line reports that touted Forum, the SEC said.
Mr. Dunn's ban is contained in a proposed judgment filed on Oct. 29, 2015, in federal court in California. In addition to permanently barring Mr. Dunn from penny stocks and ordering him to pay $20,000, the judgment restrains him from future violations. The judgment represents a negotiated settlement, in which Mr. Dunn did not admit to any wrongdoing.
The financial penalty is considerably lower than what the SEC had originally sought. When it filed the case, the regulator calculated Mr. Dunn's gains from the scheme to be $148,036. It had asked for disgorgement of that amount, plus an appropriate fine. The reason for the lower fine is not clear from court documents, but negotiated settlements are frequently the product of the strength or weakness of the case.
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