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SEC wins ban, fine for Upper Street defendant Dudley

2023-07-26 20:34 ET - Street Wire

Also Street Wire (U-UPPR) Upper Street Marketing Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has won a fine and a permanent officer and director ban against Florida's Francis Dudley, who was charged alongside Vancouver's Barry Reagh and others for a 2019 pump-and-dump on the OTC Markets. The SEC said that Mr. Dudley distributed tout sheets that boosted a purported cannabis listing, with the material claiming that the company had the "home court advantage" as part of a "$22 billion gold rush" triggered by the prospect of legalization. (All figures are in U.S. dollars.) As Mr. Dudley was promoting the stock, Mr. Reagh and others unloaded $1-million worth of shares, the SEC said.

The penalties for Mr. Dudley are contained in a judgment handed down on Monday, July 24, in federal court in California. The judgment permanently bans him from serving as an officer and director. He must also pay a fine and disgorge his gains, with the judge to determine the amounts. The sanctions are part of a negotiated settlement, in which Mr. Dudley has not admitted any wrongdoing.

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