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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban against Vancouver's Marco Babini, who was charged for an OTC Markets scheme from 2013. The SEC claimed that Mr. Babini and others were behind the attempted pump-and-dump of Endeavor Power Corp., a supposed medical diagnostics company. The men tried to boost the stock with a kickback arrangement, prearranged trades and paid tout sheets, the SEC claimed.

The ban for Mr. Babini is contained in a decision handed down on Sept. 27, 2024, by a federal judge in Boston. The order permanently bars Mr. Babini from penny stocks, defined as any security with a price of less than $5. (All figures are in U.S. dollars.) The judge has also imposed an order barring future violations.

The decision is a loss for Mr. Babini, who had asked that the judge spare him a permanent ban. He said that the SEC's request for a ban was "disproportionate to the underlying facts" and that the SEC had misrepresented the evidence against him. He said that trading data showed that he was not involved in any sustained market manipulation.

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