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SEC fines Cheung $786,630 (U.S.)

2017-08-04 20:05 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

The U.S. Securities and Exchange Commission has imposed $786,630 in sanctions on Vancouver's Joe Cheung for a scheme to tout a company with claims about the "largest petroleum find in over 40 years." (All figures are in U.S. dollars.) The SEC says that he boosted a purported oil and gas listing to $1.49 with a paid touting campaign. He then sold $542,498 worth of shares.

The penalty for Mr. Cheung is contained in an administrative order the SEC entered on Aug. 2, 2017. The sanction represents a negotiated settlement, in which Mr. Cheung did not admit any wrongdoing. In addition to the financial penalty, the SEC has permanently barred Mr. Cheung from penny stocks and has imposed a 10-year officer and director ban on him.

The order lists Mr. Cheung, 45, as a resident of Vancouver and of Hong Kong. He was also an undisclosed control person, financier and promoter of an OTC Bulletin Board listing called United American Petroleum Corp., the SEC says. The scheme, as described by the SEC, goes back to 2007 when Mr. Cheung began acquiring shares of a predecessor to United American Petroleum, with at least some of the shares being held in overseas accounts. He amassed shares representing up to 33.48 per cent of the company, but failed to disclose his holdings, according to the SEC.

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