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by Mike Caswell
The U.S. Securities and Exchange Commission has asked a judge to impose $652,800 in penalties on Jacob Canceli, one of several men charged in a $6.2-million pump-and-dump operation run through the Investors Hub website. (All figures are in U.S. dollars.) The SEC says that Mr. Canceli participated in manipulative trading and facilitated the issuance of hundreds of millions of unregistered shares. His conduct amounted to egregious violations of federal securities laws, depriving investors of hundreds of thousands of dollars, according to the SEC.
The request is part of a civil case the SEC is pursuing against Mr. Canceli and seven others for the pump-and-dumps of four companies, including Ontario pink sheets listing Playstar Corp. The SEC said that the men obtained unregistered shares of the companies for little or nothing, and then heavily manipulated the stocks. The manipulations took place partly through the Investors Hub website, and included the site's former operator, Matthew Brown.
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