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SEC defendant Lawler answers pump-and-dump charges

2019-10-16 11:00 ET - Street Wire

Also Street Wire (U-BRKO) Broke Out Inc
Also Street Wire (U-IMMG) Immage Biotherapeutics Corp

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by Mike Caswell

Former Calgary lawyer Scott Lawler, accused by the U.S. Securities and Exchange Commission of facilitating pump-and-dumps that generated a combined $3.2-million in proceeds, denies that he did anything wrong. (All figures are in U.S. dollars.) He admits that he represented the companies at issue and that he received legal fees, but says that there was nothing fraudulent about that work. As he sees things, the SEC has stated no "legally cognizable cause of action." He asks that the case be dismissed.

The denials by Mr. Lawler, 57, come in response to a case in which the SEC accused him of helping others fraudulently obtain blocks of tradable shares. Those shares were later used in pump-and-dump campaigns, including one in which a stock went to $14, the SEC said. That stock, a purported fitness apparel company called Broke Out Inc., later attracted a halt from the SEC, which cited potentially manipulative transactions. According to the SEC, Mr. Lawler had helped clients obtain all of the company's stock.

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