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by Mike Caswell

The U.S. Securities and Exchange Commission has reached a deal to settle civil charges it filed against Illinois stock tout Eric Dany. The SEC claimed that Mr. Dany aided a spam campaign that boosted Norstra Energy Inc., a Vancouver-linked oil explorer that went to $2.06 from 35 cents in 2013. (All figures are in U.S. dollars.) Among other things, he repeated and inflated misleading reserve figures, according to the SEC.

Details of Mr. Dany's settlement are not yet public, as the deal is not final. New York Judge William Pauley issued an order on Aug. 30, 2016, adjourning all deadlines in the case while the agreement goes before the SEC commissioners for approval. Such approval usually takes two or three months, but the SEC says that it expects to have a decision within weeks. (Judge Pauley, who can be a demanding master, imposed a Sept. 16, 2016, deadline.) When it first filed the case, the SEC sought a permanent restraining order against Mr. Dany, a permanent penny stock ban and appropriate fines. Settlements usually include a provision in which the defendant does not admit to any wrongdoing.

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