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by Mike Caswell

The U.S. Securities and Exchange Commission has reached an out-of-court deal to settle a case against Barry Reagh, a Vancouver man charged for the 2019 pump-and-dump of a supposed cannabis company. The SEC claimed that Mr. Reagh was part of a group that boosted Upper Street Marketing Inc., an OTC Markets listing, with paid tout sheets and a $5,000-per-week Facebook campaign. (All figures are in U.S. dollars.) The men failed to disclose that they were behind the touting, which sent the stock to a $2.15 high, the SEC said.

The settlement for Mr. Reagh is set out in a notice that the SEC filed in federal court in California on Friday, March 13. The notice does not contain details of the settlement, with the SEC awaiting final approval before submitting it to the judge. When the SEC filed the case, it sought disgorgement of gains, which it estimated to be $1-million over all, plus fines and bans. In addition to Mr. Reagh, Friday's notice states that the SEC has reached settlements with three other defendants: William Clayton of Arizona, Francis Dudley of Florida and Steven Bryant, also of Florida.

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