This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Anthony Wile, the West Vancouver promoter facing civil fraud charges from the U.S. Securities and Exchange Commission for manipulating Sedona Software Solutions Inc., has reached a tentative settlement. In a letter to the judge dated Aug. 31, 2010, Mr. Wile's lawyer has asked that he be relieved of all pretrial obligations while the SEC's lawyers submit a settlement to the commission for approval. The deal comes just weeks before Mr. Wile's trial date.

The charges Mr. Wile faces are for manipulating Sedona to $10 with misleading news releases and paid touts. The SEC said that he issued news releases claiming that Sedona had acquired mines in Central America when the company had not closed any such deal. Two other defendants, Scott and Brian Lines, then sold $1.5-million worth of Sedona shares, the SEC claimed. (All figures are in U.S. dollars.)

It is not clear what the terms of Mr. Wile's settlement could be. The SEC had initially sought an order permanently banning him from penny stocks and banning him from serving as an officer or director of any public company. It had also asked for an appropriate civil penalty and for disgorgement of any ill-gotten gains. The terms of his actual penalty will not become public until the commissioners and the judge approve it.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS