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SEC defendant Clarke ordered to pay $64,411 (U.S.)

2022-12-28 20:18 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 obtained a $64,411 judgment against Henry Clarke, one of those charged alongside Canadians Julius Csurgo and Dean Shah for a $13.4-million pump-and-dump on the OTC Markets. (All figures are in U.S. dollars.) A New York judge has determined that Mr. Clarke's "intentional and fraudulent" conduct helped others generate millions of dollars in proceeds. Were it not for his co-operation with authorities and his relatively small gains from the scheme, he would have faced a larger fine, the judge has found.

The sanctions for Mr. Clarke, 52, are contained in a judgment handed down in federal court in New York on Wednesday, Dec. 28. The $64,411 comprises disgorgement of gains, plus interest, and a $10,000 fine. The penalties are part of a settlement that Mr. Clarke previously entered, in which he did not admit any wrongdoing. He accepted a permanent penny stock ban, and agreed to pay penalties in amounts that the judge has now determined.

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Well, while the fines are meaningful, they're likely uncollectible.

The fines assessed by the TSX, ASX, IROC, BCSC, etc. are really impressive, yet their collection rate is abysmal,

I'd venture to suggest that the SEC's efforts aren't much better

Posted by halcrow at 2022-12-28 20:59

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