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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to permanently ban Vancouver's Dan Clozza for the Forum National Investments Ltd. manipulation. The SEC says that he knowingly tried to defraud the public by repeatedly issuing false news releases, continuing to do so even after he knew that Forum was under investigation. Calling his conduct "egregious and recurrent," the regulator says that permanently removing him from the markets is appropriate.

The request from the SEC comes as part of the case it is pursuing against Mr. Clozza, 55, for a misleading campaign to boost Forum in 2012. The SEC said that he and others manipulated the stock to $1.90 with misleading news releases and tout sheets. (All figures are in U.S. dollars.) Meanwhile Mr. Clozza's relatives and associates sold over one million shares, the regulator said.

CANADA.COM

Dan Clozza

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