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 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.
The remainder is available to Stockwatch subscribers.
© 2023 Canjex Publishing Ltd. All rights reserved.