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SEC defendant Weaver liable in coffee pump-and-dump

2017-06-02 10:45 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

Wayne Weaver, one of two Canadians charged with participating in the Jammin' Java Corp. pump-and-dump, will not get a trial in the case. The judge has determined that the evidence against him is strong enough to skip the trial and go directly to determining his penalties. It is clear that he participated in what the judge describes as a "heavily deceptive" scheme.

The ruling, handed down on Wednesday, May 31, comes as part of a civil case that the SEC has been pursuing against Mr. Weaver and several others for Jammin' Java. The regulator claims that the group, headed by Kelowna's Shane Whittle, was behind a scheme that sent the stock to a $6.35 high. (All figures are in U.S. dollars.) Offshore companies associated with Mr. Weaver sold millions of shares, according to the SEC.

In his order, the judge has decided the case with a summary judgment, essentially a brief examination of the evidence. This means that Mr. Weaver will not have a chance to defend himself through a full trial. In determining the case summarily, the judge has found that there would be no genuine issue to argue at such a trial.

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