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SEC defendant McKnight protests $1.25M (U.S.) sanction

2022-12-14 20:33 ET - Street Wire

Also Street Wire (U-BKIT) Blake Insomnia Therapeutics Inc

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by Mike Caswell

Christopher McKnight, a B.C. man charged by the U.S. Securities and Exchange Commission for participating in a $35-million scheme on the U.S. markets, has asked the judge not to impose any fine. (All figures are in U.S. dollars.) He says that he has no money and is deeply in debt. He further contends that the SEC has failed to properly calculate his gains from the scheme.

The request from Mr. McKnight, 48, comes as part of a case in which the SEC claimed that he and others facilitated multiple pump-and-dumps. He was part of a network that provided insiders with a "layer of disguise," allowing them to secretly sell shares of 45 companies, according to the SEC. His role in the scheme included running paid promotions, the SEC said.

There was no trial for Mr. McKnight, as he settled the case out of court, without admitting any wrongdoing. In doing so, he accepted an injunction barring future violations and agreed to financial penalties, with the judge to determine the amounts. To that end, the SEC asked that the judge impose $1.25-million (U.S.) in sanctions.

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