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by Mike Caswell
Vancouver's Dan Clozza has reached a deal to settle civil charges he faces from the U.S. Securities and Exchange Commission for manipulating Forum National Investments Ltd. The SEC claimed that Mr. Clozza, 55, helped set up a misleading on-line touting campaign that boosted the stock to $1.90. (All figures are in U.S. dollars.) His relatives and associates sold over one million shares during that campaign, the SEC said.
Details of Mr. Clozza's settlement are not yet public, as the full five-member SEC still must approve the deal. That process can take three to four months. When it initially filed the case, the SEC sought disgorgement of ill-gotten gains, an appropriate civil penalty, and an order banning Mr. Clozza from penny stocks and from serving as an officer or director of a public company. In a status report filed on Nov. 24, 2015, the SEC has asked the judge to stay the case while the settlement awaits approval.
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CANADA.COM |
Dan Clozza |
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