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by Mike Caswell
The U.S. Securities and Exchange Commission has won a judgment against Christopher Bongiorno, an Ohio man accused of collecting $1.8-million in hidden commissions while touting TSX Venture Exchange listing Petroteq Energy Inc. (All figures are in U.S. dollars.) The SEC said that Mr. Bongiorno, using an alias, pitched the company and its process to extract oil from reclaimed oil sands. He failed to tell investors that he was receiving commissions of up to 40 per cent on the money he raised.
The findings against Mr. Bongiorno, 44, are contained in a judgment handed down on Monday, April 10, in federal court in Ohio. The decision is a partial one, only covering Mr. Bongiorno's liability, with the judge to determine his penalties at a later date. When it filed the case, the SEC sought disgorgement of gains, an appropriate fine as well as a court order barring future violations.
The decision was one issued summarily, or without a trial, as the judge found that there was no genuine dispute that would require a trial. Mr. Bongiorno did not entirely respond to the case, invoking his Fifth Amendment right against self-incrimination. As a result, the judge inferred that whatever Mr. Bongiorno would have said in his defence would have been unfavourable.
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Sivb. Which is SVb lost 36 trillion of investors money… poof in 2 days and over a weekend with no disclosure