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by Mike Caswell
Steven Bryant, a Florida man accused of running a boiler room in support of the Upper Street Marketing Inc. pump-and-dump in 2019, denies that he did anything wrong. The U.S. Securities and Exchange Commission says that Mr. Bryant and others, including Vancouver's Barry Reagh, were behind a scheme to boost Upper Street as a cannabis listing on the U.S. markets. The group improperly raised millions of dollars for Upper Street and realized $1-million selling shares on the market, according to the SEC. (All figures are in U.S. dollars.)
The denial from Mr. Bryant is contained in a one-page letter to the judge filed on Monday, Feb. 27, in federal court in California. The allegations he is denying stem from a boiler room he ran that employed nine people. The SEC claimed that the operation raised $4.6-million from over 100 investors for Upper Street, and received $897,000 in commissions. In doing so, it failed to determine if investors were properly accredited, and none of them received basic information such as audited financial statements, the SEC said.
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