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by Mike Caswell

The U.S. Securities and Exchange Commission has won fines and bans for a group that was accused of fraudulently pitching three stocks on the OTC Markets, including a company that was supposedly one of Canada's largest cannabis stocks. The SEC claimed that the group unloaded $9.1-million worth of shares as misleading tout sheets went out. (All figures are in U.S. dollars.) Quebec's Fabrizio Di Carlo assisted the group by pitching the stocks through a call room that collected undisclosed commissions of up to 30 per cent, according to the SEC.

The fines and bans are contained in three proposed judgments that the SEC filed in federal court in New York on Friday, March 24. The judgments represent negotiated settlements, in which the defendants have agreed to sanctions, without admitting any wrongdoing. Those accepting penalties include Matthew Nicosia, 48, of Utah, who will pay $795,590. Also accepting penalties is William "Rocky" Reininger, 53, of California, who will pay $375,940. The third judgment applies to Ronald Touchard, 63, of California, who has agreed to pay $58,230. All three men will serve a five-year penny stock ban. The sanctions still require approval from the judge.

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