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by Mike Caswell
The U.S. Securities and Exchange Commission has asked an Indiana judge to impose a permanent penny stock ban and $2.14-million in sanctions on Michael Skerry, a New Westminster man who carried out an "egregious and repetitive" scheme to sell unregistered shares of an OTC Link company. (All figures are in U.S. dollars.) The SEC says that the penalty is warranted, as Mr. Skerry committed multiple violations, secretly selling shares as he strongly encouraged investors to buy the company. His actions, which continued over a period of six months, exposed investors to substantial risks, the SEC says.
The potential fine and ban come as part of a case that the SEC is pursuing against Mr. Skerry, 62, for boosting a listing called Success Holding Group International Inc. in 2014. According to the SEC, he touted the company as a provider of health drinks and on-line movies, and at the same time was secretly selling shares. During the scheme, the stock went to $10.25 from $1, and was last at 10 cents.
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