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by Mike Caswell

Mohamed Zayed, one of two men charged for the Enerkon Solar International Inc. pump-and-dump, has lost an appeal of his fine and ban. The U.S. Securities and Exchange Commission claimed that Mr. Zayed was part of a scheme in which Enerkon touted $320-million in non-existent sales from a Canadian-made test for COVID-19. (All figures are in U.S. dollars.) The device could supposedly test for the virus within 15 seconds.

The loss for Mr. Zayed is contained in an order handed down by the U.S. Court of Appeals for the Eleventh Circuit on Wednesday, Feb. 18. The decision upholds a permanent penny stock ban and a $460,928 fine that the SEC previously won. Mr. Zayed had sought a new trial, saying that his sanctions were based on "flawed transcripts, flawed statements, and acts of fraud on the court," which violated his right to a fair trial.

Wednesday's decision says little about the merits of Mr. Zayed's appeal. The court has dismissed the matter for procedural reasons, citing Mr. Zayed's failure to meet court deadlines. "Pursuant to the 11th Cir. R. 42-2(c), this appeal is hereby DISMISSED for want of prosecution as to appellant Mohamed Zayed because he has failed to file an appellant brief within the time fixed by the rules," the order states. Mr. Zayed was not represented by a lawyer.

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