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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a California judge to impose up to $104-million in civil sanctions on Wayne Weaver, a Canadian who participated in the Jammin' Java Corp. pump-and-dump. (All figures are in U.S. dollars.) The SEC says that the massive sanction is warranted, given his "particularly egregious and alarmingly profitable" conduct. He was part of a scheme that generated $77.6-million in illegal profits and has offered no assurance that he will not offend again, the regulator contends.

The penalty request comes as part of a case in which the SEC cited Mr. Weaver for a scheme headed by Kelowna's Shane Whittle. A group of men boosted Jammin' Java to a $6.35 high through false and misleading claims about a coffee business, the SEC claimed. Offshore companies associated with Mr. Weaver sold millions of shares during the scheme, according to the SEC. The regulator previously won a summary judgment against Mr. Weaver, which left his penalty as the only remaining matter.

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