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by Mike Caswell
The U.S. Securities and Exchange Commission has won a $6.1-million judgment against Roger "Rocket" Knox, the U.K. man who pleaded guilty to criminal charges stemming from many pump-and-dumps, including at least four connected to Vancouver. (All figures are in U.S. dollars.) The SEC said that he ran an offshore platform that allowed insiders to secretly hold shares. In doing so, he facilitated stock market schemes that generated as much as $150-million in gains, according to the SEC.
The sanctions for Mr. Knox are contained in a judgment entered in federal court in Boston on Wednesday, Dec. 21. The $6.1-million includes disgorgement of $5.8-million in profits, plus interest. On top of that, the judge has entered an order permanently banning Mr. Knox from penny stocks.
The decision includes no fine for Mr. Knox, but he does face the prospect of jail in the parallel criminal case that Boston prosecutors have been pursuing against him. He previously pleaded guilty to charges of securities fraud and conspiracy to commit securities fraud, and awaits sentencing. He has already spent about 1-1/2 years in jail, with a judge ordering him incarcerated while he awaited trial after prosecutors said that he was a flight risk. Mr. Knox eventually convinced the judge to allow him to live under house arrest. (It was never clear why the judge let Mr. Knox leave prison, as the underlying motion was sealed.)
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