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

The U.S. Securities and Exchange Commission has reached a settlement with Robert Dunn, the Abbotsford man charged for the manipulation of Forum National Investments Ltd. The regulator claimed that he and others were behind a misleading campaign that boosted Forum to $1.90 in 2012. (All figures are in U.S. dollars.) The SEC said that Mr. Dunn paid for promotional materials and sold shares of the company.

Terms of Mr. Dunn's settlement are not yet available, as the SEC commissioners have not yet approved it. In an order handed down on Thursday, Oct. 1, the judge delayed the case while the SEC's lawyers seek that approval. As a result, it is not yet clear what his sanctions could be. The penalties the SEC had originally sought were a permanent penny stock ban, a fine and disgorgement of ill-gotten gains (which the SEC calculated to be $148,036).

The SEC has also nearly reached a settlement with two on-line touts in the case, William Anguka and Ahmad Ghaznawi. The regulator claimed that the men were behind reports that assigned Forum a $10 target price and said it was an "URGENT BUY ALERT." In a Sept. 30, 2015, status report, the SEC says it only has a few details left before settlements with the men will be complete.

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