This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to impose at least $5.3-million in sanctions on Montreal's Hans Peter Black for an "elaborate deceptive scheme" in which he misdirected investor money into risky Canadian penny stocks. (All figures are in U.S. dollars.) The SEC says that Mr. Black raised $17-million from U.S. investors while failing to disclose conflicts of interest. He was investing their money in TSX Venture Exchange companies in which he had a direct interest.

The SEC's request is contained in a motion that the regulator filed on Thursday, June 8, in U.S. federal court in Massachusetts. The motion is seeking an order requiring Mr. Black to disgorge all of his gains from the scheme, which the SEC calculates to be $5.3-million, including interest. The regulator lists the sources of these gains as management fees that Mr. Black collected from investors and consulting fees that he received from the TSX-V companies.

WILLIAMS CREEK

Hans Black

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS