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by Mike Caswell
The U.S. Securities and Exchange Commission has won a permanent ban and $479,666 in penalties against Daniel Lacher, a Swiss man charged alongside former Toronto broker Morrie Tobin for a $3.6-million pump-and-dump on the OTC Markets. (All figures are in U.S. dollars.) The SEC said that the men carried out a "massive dump of shares" amidst paid promotions. Mr. Lacher's part in the scheme included concealing Mr. Tobin's holdings through offshore accounts, the SEC said.
The penalties for Mr. Lacher are contained in a judgment handed down on Friday, April 22, in federal court in Boston. The judgment permanently bans him from penny stocks and bars future violations. The $479,666 in financial sanctions includes a $414,366 fine, plus disgorgement of Mr. Lacher's gains, with interest. The judgment is one handed down by default, as Mr. Lacher failed to answer the charges.
The ban for Mr. Lacher comes with his Canadian co-accused, Mr. Tobin, serving four months in jail for the scheme. Mr. Tobin pleaded guilty to related criminal charges in 2018, but his sentencing and his jail term were repeatedly delayed. The reason for the delay was substantial assistance that he provided in prosecuting others, with his co-operation negating nearly all of the eight-year jail term he would have otherwise faced.
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