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by Mike Caswell
The U.S. Securities and Exchange Commission has won a $1.5-million judgment against Bradley Moynes, a Vancouver man the SEC cited for a $6-million pump-and-dump scheme on the OTC Markets. (All figures are in U.S. dollars.) The SEC claimed that Mr. Moynes unloaded millions of shares in a cryptocurrency listing amidst a paid promotion. He had secretly held the stock in offshore accounts, according to the SEC.
The penalty for Mr. Moynes is contained in a judgment handed down on Wednesday, March 8, in federal court in Boston. The $1.5-million includes disgorgement of $1-million in gains, plus interest, and a $207,183 fine. On top of that, the judge has permanently banned Mr. Moynes from penny stocks and from serving as an officer or director. The penalties are part of a negotiated settlement, in which Mr. Moynes did not admit any wrongdoing.
The settlement comes about nine months after the SEC charged Mr. Moynes, filing a civil complaint on June 27, 2022, in federal court in Boston. The matter, as set out by the SEC, goes back to 2014, when Mr. Moynes was the president or chief executive officer of Digatrade. According to the SEC, Mr. Moynes set himself up as the hidden owner of a large block of shares in the company. The shares, supposedly issued to settle old debts, were held through nominee entities, the SEC said.
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