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by Mike Caswell
The U.S. Securities and Exchange Commission has won a five-year ban for Ottawa resident Michael Luckhoo-Bouche, one of those charged for a $25-million scheme that included COVID-19 promotion Sandy Steele Unlimited Inc. (All figures are in U.S. dollars.) The SEC claimed that Mr. Luckhoo-Bouche was part of a group that ran multiple pump-and-dumps on the U.S. markets over a two-year period. Members of the group dumped millions of shares in the midst of paid promotions, according to the SEC.
The ban for Mr. Luckhoo-Bouche is contained in a consent judgment filed on Friday, April 16, in federal court in Boston. The order bars him from penny stocks for five years and imposes a permanent injunction against future violations. The judgment also includes a $20,000 fine, with the amount reduced based on Mr. Luckhoo-Bouche's inability to pay. Should the SEC later find that he lied about his financial condition, it may apply to the court for a higher fine. The sanctions represent a negotiated settlement, in which Mr. Luckhoo-Bouche has not admitted any wrongdoing. The judge still must approve the deal.
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