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by Mike Caswell

A California judge says that he will likely ban Dan Clozza from penny stocks after the Vancouver man was a no-show at a hearing on the matter Monday. The ban, should the judge finalize it, would represent a victory for the U.S. Securities and Exchange Commission, which has been pursuing Mr. Clozza for manipulating Forum National Investments Ltd. The regulator said that he and others boosted the stock to $1.90 in 2012 with misleading news releases and tout sheets. (All figures are in U.S. dollars.)

For Mr. Clozza, the only matter left to determine in the case is whether he will be banned. He previously agreed to pay $58,608 to settle the SEC's allegations out of court, leaving the judge to decide if he should serve a ban. In settling the case he did not admit to any wrongdoing.

CANADA.COM

Dan Clozza

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