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by Mike Caswell

The U.S. Securities and Exchange Commission has dropped charges that it filed against Vancouver's Barry Reagh over 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 end of the case is contained in a motion to dismiss that the SEC filed on Thursday, July 2, in federal court in California. In seeking to drop the charges, the SEC simply says that "in the exercise of its discretion and based on the facts and circumstances of this case and in light of the evidence developed in discovery, the Commission believes dismissal of its claims ... is appropriate." The SEC is also asking that the judge dismiss the case as to one of Mr. Reagh's co-defendants, William Clayton of Arizona.

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