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SEC seeks $261,594 (U.S.) order for Csurgo associate

2022-10-26 20:45 ET - Street Wire

Also Street Wire (U-ZENO) Zenosense Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to impose up to $261,594 in penalties against Henry Clarke, a U.K. man charged alongside Canadians Julius Csurgo and Dean Shah. (All figures are in U.S. dollars.) The SEC said that the men ran a $13.4-million pump-and-dump scheme with Zenosense Inc., the developer of a supposed hand-held medical diagnostic device. The group unloaded shares through offshore nominees as paid touts called the company a "rare ground-floor opportunity," the SEC claimed.

The proposed penalties for Mr. Clarke are contained in a memorandum that the SEC filed on Wednesday, Oct. 26, in federal court in New York. The regulator is asking that the judge order Mr. Clarke disgorge his gains, amounting to $45,234, plus interest. On top of that, the SEC is seeking a fine of up to $207,183.

The penalties, should the SEC win them, would be on top of a permanent penny stock ban that Mr. Clarke previously accepted to settle the case. In settling the case, Mr. Clarke did not admit any wrongdoing. As part of that settlement, he agreed to pay fines and disgorge his gains, with the judge to determine the amounts. With Wednesday's motion, the SEC has set out what it sees as the appropriate sanctions.

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