07:38:23 EDT Tue 02 Jun 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC bans, fines another Intertech cold-caller

2020-01-30 16:24 ET - Street Wire

Also Street Wire (U-ITEC) Intertech Solutions Inc

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 reached a $252,464 settlement with Glenn Story, a Texas man charged as part of a scheme linked to Vancouver's William Scott Marshall. (All figures are in U.S. dollars.) The SEC said that Mr. Story was part of a group that sold unregistered shares of Intertech Solutions Inc., which had a purported $273-million mine in Arizona. He and others pitched the stock while receiving undisclosed commissions as high as 50 per cent, the SEC claimed.

The penalties for Mr. Story are contained in a proposed judgment filed on Thursday, Jan. 30, in federal court in Nevada. Mr. Story has agreed to disgorge $162,627 in gains, plus interest, and to pay a $70,000 fine. On top of that, he has accepted a permanent penny stock ban. The sanctions represent a negotiated settlement, in which Mr. Story did not admit to any wrongdoing.

The deal with Mr. Story comes about 18 months after the SEC charged Mr. Marshall and his "right-hand man," B.C. resident David Naylor, for the Intertech scheme. The SEC said that Mr. Marshall (who left Vancouver for Florida after somebody shot at his Shaughnessy home in 2007) hired a group of cold-callers to tout the stock in 2013. He claimed that the company had a mine that was one year from commercial production, but in reality it was nowhere near being a viable operation, the SEC said. Mr. Marshall and Mr. Naylor settled the case out of court, with a private entity that Mr. Marshall controlled agreeing to disgorge $7.4-million in proceeds from the fraud. Neither man admitted any wrongdoing in settling the case.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.