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SEC defendant Clarke denies pump-and-dump charges

2022-06-06 20:44 ET - Street Wire

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by Mike Caswell

Henry Clarke, a U.K. citizen charged by the U.S. Securities and Exchange Commission alongside Canadians Julius Csurgo and Dean Shah for a scheme to sell $13.4-million worth of stock on the U.S. markets, denies that he did anything wrong. (All figures are in U.S. dollars.) He says that he did not sell shares or arrange any promotional campaign, as the SEC has accused him of doing. He further says that he saw none of the "fabulous alleged profits" from the scheme.

Mr. Clarke is responding to a case in which the SEC charged him, Mr. Shah and Mr. Csurgo for the pump-and-dump of Zenosense Inc., the developer of a supposed hand-held cardiac diagnostic device. The SEC claims that the men unloaded shares through offshore nominees as paid touts called the company a "rare ground-floor opportunity." The stock went to a $3.50 high during the scheme, before falling to pennies.

The denials by Mr. Clarke are contained in a document filed in federal court in New York on Monday, June 6, titled "Defence of Henry Clarke." (Mr. Clarke prepared the document himself, without the benefit of a lawyer. He says that he has no money to pay for one.) As Mr. Clarke tells it, he had no part in any pump-and-dump of Zenosense. He says that he did not control any of the company's shares, nor did he direct any promotional activity. As he sees things, such allegations are for Mr. Shah or others to address.

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