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by Mike Caswell

Ongkaruck Sripetch, the Washington State stock tout known as "King Richards," has asked a judge to vacate a $5.81-million order recently imposed against him for his part in a Canadian-linked pump-and-dump scheme. (All figures are in U.S. dollars.) The reason for his request is somewhat embarrassing, at least for Mr. Sripetch's lawyer. He says that the order came about after his lawyer inadvertently failed to oppose the matter.

Mr. Sripetch's request is part of a case in which the U.S. Securities and Exchange Commission claims that he assisted in manipulations that included VMS Rehab Systems Inc., an Ottawa company that supposedly made orthopedic seat cushions. The SEC says that Mr. Sripetch and three Canadians realized at least $6.6-million in illegal gains. Members of the group were unloading shares as paid promoters claimed that investors could see the stock "soaring by over 200%!"

Until now, the SEC's case against Mr. Sripetch looked to be concluded, with the regulator winning a $5.81-million order against him on Feb. 7, 2024, in federal court in California. Mr. Sripetch, however, has asked the judge to consider the matter again. In a motion filed on Wednesday, Feb. 14, he says that he did not have a chance to make his argument.

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