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by Mike Caswell
The U.S. Securities and Exchange Commission has permanently banned Brian Quinn, a California man charged alongside former Toronto broker Morrie Tobin for a "massive dump of shares" in Environmental Packaging Technologies Holdings Inc., an OTC Markets listing. The SEC claimed that Mr. Quinn helped arrange a $1-million misleading paid promotion for the stock in 2017. (All figures are in U.S. dollars.) Investors were bombarded with material touting gains of up to 1,118 per cent as Mr. Tobin unloaded shares through offshore nominees, the SEC claimed.
The ban for Mr. Quinn is contained in a proposed judgment filed on Monday, July 11, in federal court in Boston. The order will ban him from penny stocks and bar future violations. Mr. Quinn must also pay a fine and disgorge his gains, with the judge to determine the amounts. The penalties represent a negotiated settlement, in which Mr. Quinn did not admit any wrongdoing.
The proposed judgment comes with Mr. Tobin having completed a four-month jail term that he received in a parallel criminal case. Prosecutors cited him for the pump-and-dump of Environmental Technologies and three others stocks. He faced about eight years in jail, but he received considerable credit for helping the government prosecute others.
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