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SEC settles with four Jammin' Java defendants

2017-05-02 10:49 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-JAMN) Jammin' Java Corp

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by Mike Caswell

The U.S. Securities and Exchange Commission has reached out-of-court deals worth $1.69-million against four defendants in the Jammin' Java Corp. pump-and-dump case. (All figures are in U.S. dollars.) The SEC claimed that the defendants were part of a group that boosted the stock to $6.35 with claims about a coffee distribution business. They controlled offshore entities that sold millions of shares during the scheme, according to the SEC.

The fines come just six weeks after another Jammin' Java defendant, Kelowna's Shane Whittle, agreed to pay $2.4-million to settle the case. The SEC said that he was the chief executive officer and later a de facto officer of Jammin' Java. He settled the case without a trial and without admitting any wrongdoing.

The most recent fines are contained in a motion the SEC filed on April 28, 2017, in California. The motion seeks approval for the settlements and sets out the details of the penalties for each defendant. The largest sanction goes to Kevin Miller, a 46-year-old U.K. citizen residing in St. Brelade, Jersey. The SEC said that he owned a Marshall Islands entity that made $8.83-million selling Jammin' Java stock during the scheme. That entity, Las Colinas Ltd., had received the shares just months before the sales.

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