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by Mike Caswell
The U.S. Securities and Exchange Commission has won a permanent injunction and a yet-to-be-determined fine against Thomas Meyer, one of those accused in a paid touting scheme. The SEC said that Mr. Meyer wrote articles about a group of stocks under fake names. The articles, which appeared on websites such as Seeking Alpha, failed to disclose that Mr. Meyer was paid for his work. The stocks he wrote about included Vancouver-linked Anavex Life Sciences Corp.
The sanctions for Mr. Meyer are contained in a judgment entered in New York on Thursday, June 15. They represent a negotiated settlement, in which he did not admit to any wrongdoing. The injunction bars him from future violations. Mr. Meyer has also agreed to disgorge his gains from the scheme and to pay an appropriate civil penalty, with the judge to determine the amounts.
The settlement with Mr. Meyer comes as part of a case the SEC is pursuing against a New York company called CSIR Group LLC and its owner, Christine Petraglia, 49. In a complaint filed on April 10, 2017, the SEC claims that Ms. Petraglia arranged to have articles published on public companies that deceived investors into believing that impartial writers had prepared the material.
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