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by Mike Caswell
The U.S. Securities and Exchange Commission has permanently banned Kevin Gillespie, a California man charged alongside two Canadians for a 2017 pump-and-dump scheme on the OTC Markets. The SEC claimed that he was part of an ultimately unsuccessful effort to boost Arias Intel Corp., a purported app developer. He served as the company's chief executive officer and issued promotional news releases while others carried out manipulative trades.
The ban for Mr. Gillespie is contained in a judgment handed down on July 12, 2022, in federal court in California. The judge has permanently barred him from penny stocks and from acting as an officer or director of any reporting issuer. He must also pay a fine and disgorge his gains from the scheme, with the judge to determine the amounts.
The government claimed that Mr. Gillespie, 54, was a central participant in the pump-and-dump of Arias Intel Corp., helping others manipulate the stock. His co-defendants included Toronto's Andrew Hackett and Vancouver's Kuldeep Sidhu. According to the government, the men boosted the stock using a boiler room and through a touting website called TheMoneyStreet.
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