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SEC bans Liberty Silver defendant Mirman

2023-01-20 20:39 ET - Street Wire

Also Street Wire (C-LSL) Liberty Silver Corp

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by Mike Caswell

The U.S. Securities and Exchange Commission has won a three-year ban and $530,525 in financial sanctions against Abraham "Avi" Mirman, a New York broker accused of participating in the manipulation of Liberty Silver Corp., a former Toronto Stock Exchange listing. (All figures are in U.S. dollars.) The SEC said that Mr. Mirman was part of a scheme to sell improperly issued shares through an offshore account. Mr. Mirman provided substantial assistance to Ontario promoter Bobby Genovese as he unloaded $17.5-million worth of stock, according to the SEC.

The sanctions for Mr. Mirman are contained in a judgment handed down in federal court in New York on Friday, Jan. 20. The judgment bars him from penny stocks for three years. He must also disgorge $278,519 in gains, plus interest, and pay a $125,000 fine. The sanctions represent a negotiated settlement, in which Mr. Mirman did not admit any wrongdoing.

The settlement comes over 10 years after the events at issue, and over five years after the SEC charged Mr. Mirman and Mr. Genovese. The SEC previously reached a deal with Mr. Genovese, in which he agreed to pay $4.5-million and to serve a permanent penny stock ban. As with Mr. Mirman, he did not admit any wrongdoing.

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