03:21:06 EST Sun 03 Dec 2023
Enter Symbol
or Name

Login ID:

SEC reaches $3-million (U.S.) deal with DeFrancesco

2023-06-30 19:03 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

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.

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

© 2023 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.

He has plenty of $ so this won't bother him much his son races in The Indy Car series which I am sure Daddy pays for

Posted by sequential at 2023-07-03 12:26