02:45:21 EDT Mon 27 May 2024
Enter Symbol
or Name

Login ID:

SEC case against DeFrancesco survives legal challenge

2023-05-08 20:43 ET - Street Wire

Also Street Wire (U-AWSM) Cool Holdings Inc

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Toronto's Andy DeFrancesco has suffered a legal setback in his fight against charges the U.S. Securities and Exchange Commission brought against him for an $8-million pump-and-dump on the OTC Markets. (All figures are in U.S. dollars.) A New York judge has denied a motion he filed to dismiss the case, clearing the matter for trial. Mr. DeFrancesco had complained that misleading news releases the SEC cited him for amounted to "corporate puffery," but the SEC said that his rapid sale of millions of shares demonstrated otherwise.

The setback comes as part of a case that the SEC is pursuing against Mr. DeFrancesco for the pump-and-dump of Cool Holdings Inc., a company that supposedly sold Apple products through a chain of retail stores. The stock went to a high of $18.25 amidst misleading news releases and paid articles, one of which touted the company as having a "$900 Million Opportunity from Apple," the SEC claims. Meanwhile, Mr. DeFrancesco (who was the company's chairman) unloaded 1.6 million shares, generating $8-million in gains, according to the SEC.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

is this about the SVB bank or credit suisse stock scams? the trillion dollar stock scams?

Posted by oh at 2023-05-10 08:24

Wonder if Devlin DeFrancesco (Son) will still be racing in the Indy Car series for much longer ????????

Posted by sequential at 2023-05-10 11:08

Comments for this item are closed