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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $2.65-million judgment against Vancouver's Jeetenderjit Singh Sidhu, one of those charged alongside Harmel Singh Rayat for an OTC Markets pump-and-dump from 2018. (All figures are in U.S. dollars.) The SEC claimed that Mr. Sidhu was part of a scheme with a company called Renovacare Inc., which had a supposed burn healing device called the "SkinGun." He placed manipulative trades and sold millions of shares amidst a $50,000-per-month paid touting campaign, according to the SEC.

The sanctions for Mr. Sidhu are contained in a judgment entered on Tuesday, Oct. 17, in federal court in New York. The $2.65-million includes disgorgement of $2.3-million in gains, plus interest, and a $160,000 fine. In addition, the judge has permanently banned Mr. Sidhu from penny stocks and from serving as an officer or director. The penalties represent a negotiated settlement, in which Mr. Sidhu did not admit any wrongdoing.

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