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by Mike Caswell
The U.S. Securities and Exchange Commission has won a permanent penny stock ban and a $160,000 fine against Vancouver lawyer Faiyaz Dean for his part in the Biozoom Inc. pump-and-dump. The SEC claimed that Mr. Dean helped others secretly control large blocks of shares in the company as they dumped $34-million worth of stock. (All figures are in U.S. dollars.) The sales came amidst a paid touting campaign.
The sanctions are contained in a judgment handed down on Nov. 27, 2019, by New York Judge Kevin Castel. The judge has permanently barred Mr. Dean from penny stocks, with the ban including any efforts at inducing the purchase or sale of a penny stock. The judge has also entered an injunction barring future violations.
The judge gave Mr. Dean 14 days to pay his fine, although the prospects of collection may be remote. Mr. Dean has ignored the case so far, and did not have a trial. The judgment is one handed down by default. The SEC had notified Mr. Dean's Canadian lawyer of the proposed order, but he did not file anything in court.
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still lawyer in good standing? bc law society doesn't report law breaking lawyers to attorney general, oh yeh the all officers of the court meaning you all pay they dont hahahahhahahaha