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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban against Fabrizio Di Carlo, a Quebec man charged for a boiler room operation that supported a $2.6-million scheme with a supposed biotech company. (All figures are in U.S. dollars.) The SEC said that Mr. Di Carlo's boiler room aggressively pitched the stock, which had developed a supposed anti-choking device. He received commissions of 30 per cent for any shares that he sold, the SEC claimed.

The penalties for Mr. Di Carlo are contained in an order handed down on Wednesday, March 27, in federal court in New York. The judge has permanently barred Mr. Di Carlo from penny stocks and entered an order prohibiting future violations. She has further ordered Mr. Di Carlo to pay $143,970, with the amount comprising a $100,000 fine and disgorgement of $38,198 in gains, plus interest. The penalties were handed down by default, Mr. Di Carlo having ignored the case.

Wednesday's order comes 1-1/2 years after the SEC charged Mr. Di Carlo, filing a civil complaint on Sept. 27, 2022, in the Eastern District of New York. The complaint identified Mr. Di Carlo, then 46, as a resident of Quebec and as the operator of an organization that he called "Investor's Quarterly." The SEC said that his organization used high-pressure and deceptive tactics to target unsuspecting retail investors.

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