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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent penny stock ban against Bernardino "Dino" Paolucci Jr., a Canadian man charged in an OTC Bulletin Board manipulation. A Pennsylvania judge entered the order on Wednesday, April 5. The decision is one by default, as Mr. Paolucci did not respond to the case.

The ban stems from Mr. Paolucci's participation in a scheme to boost a purported auto parts company, Ecoland International Inc. The SEC said that he and others moved the stock to $1.24 from 11 cents in just 10 days. (All figures are in U.S. dollars.) The regulator accused him and his associates of selling millions of shares while spam advised investors of "big gains as this stock double over and over again."

Wednesday's judgment came without any participation by Mr. Paolucci, as he has ignored the case since it began. The only substantial issue was whether the SEC properly served him with the charges. Previously, the judge found the SEC's efforts at documenting service to be insufficient. The SEC had only presented the judge with a brief note from a process server who appeared to have made some sort of attempt at presenting Mr. Paolucci with the charges in Ontario. The note read: "Personal service. Claims Bernardino is not him. However showed me his drivers licence and it read Dino Paolucci."

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