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by Mike Caswell
Henry Clarke, a U.K. man charged alongside Canadians Julius Csurgo and Dean Shah for a $13.4-million pump-and-dump on the OTC Markets, says he has no ability to pay fines or any other financial sanctions arising from the scheme. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission claims that Mr. Clarke, 52, and the others promoted a company called Zenosense Inc., the developer of a supposed hand-held medical diagnostic device. They unloaded millions of improperly issued shares as a three-month promotional campaign boosted the stock to a $3.50 high, the SEC says.
There was no trial for Mr. Clarke, as he settled the case out of court, without admitting any wrongdoing. In reaching the settlement, he agreed to a permanent penny stock ban and to pay penalties in amounts that the judge will determine. To that end, the SEC asked that the judge impose a $261,594 order, with the amount including disgorgement of Mr. Clarke's gains, plus interest, and an appropriate fine.
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