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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent penny stock ban and a $488,000 order against James Anglim, a New Jersey man charged for helping to manipulate Vancouver's Digatrade Financial Corp. and four other stocks. (All figures are in U.S. dollars.) The SEC said that Mr. Anglim used his job as a market-maker to help hidden insiders unload millions of shares on the market. His efforts resulted in share sales totalling $26.6-million, according to the SEC.

The ban and fine for Mr. Anglim, 50, are contained in a judgment handed down on Thursday, Aug. 3, in federal court in Boston. The order permanently bans Mr. Anglim from penny stocks, including any activities with a broker that involve penny stocks. He must also disgorge $405,991, plus interest, with the money representing his gains from the scheme. The SEC did not request a fine, citing Mr. Anglim's co-operation in a related enforcement action.

The judgment does not mention that related action, but the SEC previously charged a Vancouver man, Bradley Moynes, claiming that he ran a $6-million pump-and-dump on the OTC Markets with Digatrade. The SEC said that Mr. Moynes unloaded millions of shares amidst manipulative trades and a paid promotion. Mr. Moynes settled that case out of court, agreeing to pay $1.5-million, without admitting any wrongdoing.

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