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by Mike Caswell

Ontario's Bobby Genovese has agreed to a permanent penny stock ban and to pay $4.5-million to settle civil charges that he faces from the U.S. Securities and Exchange Commission for the manipulation of Liberty Silver Corp. (All figures are in U.S. dollars.) The SEC had cited him for touting the stock while failing to disclose the sale of millions of shares. According to the regulator, he unloaded $17.5-million worth of stock, generating an $8-million profit.

The settlement with Mr. Genovese is contained in a judgment filed on July 1, 2019, in federal court in New York. Mr. Genovese has agreed to disgorge $3.8-million in gains, plus interest, and to pay a $300,000 civil penalty. He has also accepted a permanent penny stock ban. In accepting the sanctions, Mr. Genovese did not admit to any wrongdoing. The disgorgement portion of the settlement applies to Mr. Genovese and to his private company, BG Capital Group Ltd.

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Bobby Genovese

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