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SEC seeks permanent ban for Quebec's Di Carlo

2023-07-14 20:44 ET - Street Wire

Also Street Wire (U-ODYY) Odyssey Group International Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to fine and ban Fabrizio Di Carlo, a Quebec boiler room operator who has been ignoring charges he faces in the United States. The SEC claims that Mr. Di Carlo ran a deceptive, high-pressure campaign that supported the fraudulent $2.6-million promotion of a supposed biotech company that developed an anti-choking device. (All figures are in U.S. dollars.) He ran the campaign while hiding the role of undisclosed insiders, according to the SEC.

The proposed penalties for Mr. Di Carlo are contained in a motion for default judgment that the SEC filed on Thursday, July 13, in federal court in New York. The SEC is asking that the judge impose a permanent penny stock ban on Mr. Di Carlo. The regulator is further seeking a $100,000 fine, plus disgorgement of the commissions that the boiler room received. The judgment, should the SEC win it, would be by default, as Mr. Di Carlo has failed to answer the case.

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