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by Mike Caswell

Jon Isaac, a Canadian charged for a scheme to inflate the earnings of Nasdaq listing Live Ventures Inc., has responded to the case, denying that he did anything wrong. Mr. Isaac is facing civil charges from the U.S. Securities and Exchange Commission for a backdated transaction that boosted the income of Live Ventures in 2016. As part of the scheme, Mr. Isaac attempted to unload $760,000 worth of stock, the SEC claims. (All figures are in U.S. dollars.)

The denials from Mr. Isaac are contained in an answer that he filed on Oct. 11, 2022, in federal court in Nevada. The document mostly contains generic denials, without providing any details. Mr. Isaac admits to some routine things, such as his title at the company. He also admits to the contents of e-mails and news releases (which would be difficult to deny in any event).

In legal terms, Mr. Isaac says that the SEC has failed to state a claim. He also says that he did not act "with a mental state embracing an intent to deceive" and that any misstatements were not material. He further claims to have acted in good faith. If there were any violations, such violations were not intentional and any harm caused was insufficient to warrant a penalty, his answer states.

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