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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban and $3-million in sanctions against Andy DeFrancesco, the Toronto man accused of an $8-million pump-and-dump on the Nasdaq. (All figures are in U.S. dollars.) The SEC claimed that Mr. DeFrancesco unloaded shares of Cool Holdings Inc., a supposed electronics retailer, amidst claims that the company had a "$900 Million Opportunity from Apple." The stock went to an $18.25 high during the scheme, before dropping to pennies.

The penalty for Mr. DeFrancesco is contained in a proposed judgment filed on Thursday, June 29, in federal court in New York. The $3-million includes disgorgement of $1.03-million in gains, plus interest, and a $1.73-million fine. The order also bans Mr. DeFrancesco from serving as an officer or director of any company registered with the SEC (essentially any U.S. public company). The sanctions represent a negotiated settlement, in which Mr. DeFrancesco has not admitted any wrongdoing. The deal still requires approval from the judge.

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