The Globe and Mail reports in its Thursday edition that Ontario's Capital Markets Tribunal has permanently banned Bay Street stock promoter Andrew DeFrancesco from serving as a director or officer of any reporting issuer in Ontario. The Globe's Alexandra Posadzki writes that Mr. DeFrancesco previously agreed to a similar ban in the United States, as part of a settlement with U.S. regulators in relation to an alleged 2018 pump-and-dump scheme involving a small Nasdaq-listed tech company called Cool Holdings Inc. In June, 2023, Mr. DeFrancesco agreed to a ban from serving as a director or officer of a company registered with the U.S. Securities and Exchange Commission, and to pay more than $3-million (U.S.) in fines and returned profits. He settled without admitting to or denying the SEC's allegations. The U.S. regulator had alleged that Mr. DeFrancesco and four others, including his ex-wife, had participated in the scheme and that Mr. DeFrancesco sold over $8-million (U.S.) worth of Cool Holding's shares. The Ontario Capital Markets Tribunal, which is an independent division of the Ontario Securities Commission, issued the order on Wednesday after conducting a "hearing in writing," where parties make written submissions.