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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $1.2-million judgment against Christopher McKnight, a B.C. man charged over a $35-million scheme on the U.S. markets. (All figures are in U.S. dollars.) The SEC said that Mr. McKnight, 49, was part of a network that facilitated multiple pump-and-dumps. He and others provided insiders with a "layer of disguise," allowing them to secretly sell shares of 45 companies, according to the SEC.

The penalty for Mr. McKnight is contained in a judgment handed down on Wednesday, Sept. 27, by a federal judge in New York. The $1.2-million includes disgorgement of $985,044 in gains, plus interest, and a $75,000 fine. The judgment also includes terms that restrain Mr. McKnight from committing any future violations.

The decision is a loss for Mr. McKnight, who had asked that the judge not impose any monetary sanctions. He previously said that his financial condition was poor, and that his prospects for earning any money were no better. He had no formal education beyond the 10th grade and was raised on a reserve in a remote community as member of the Kitasoo Band. (The reserve is located on the B.C. coast in an isolated area north of Bella Bella.)

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