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by Mike Caswell
The U.S. Securities and Exchange Commission has asked a New York judge to impose a $5.7-million judgment on Eric Van Nguyen, a Montreal man accused of participating in a $10-million scheme on the U.S. markets. (All figures are in U.S. dollars.) The SEC says that he misled investors through newsletters that made baseless claims about a group of stocks, including a beverage company that supposedly had a product that was superior to the well-known Gatorade drink. Meanwhile, he and others were dumping millions of shares, the SEC claims.
The SEC's request is contained in a proposed judgment filed in federal court in New York on Feb. 26, 2021. The $5.7-million includes disgorgement of $3.9-million in gains, plus interest, and a $750,000 fine. The SEC is also asking for orders that would permanently ban Mr. Van Nguyen from penny stocks. The judgment, should it be granted, would be by default, as Mr. Van Nguyen has ignored the case in its entirety. The SEC says that it served him with the complaint by sending it in the mail and by having a bailiff in Quebec attach a copy to his door. A neighbour confirmed to the bailiff that Mr. Van Nguyen lived at the residence.
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They will pick him off at an airport and he will be extradited. Could be a very long jail sentence for that dude.
Posted by Boom. at 2021-03-05 08:38