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by Mike Caswell
The U.S. Securities and Exchange Commission has won a permanent penny stock ban against Tyler Crockett, a Virginia man accused of defrauding investors through a call room that touted four stocks, including Evolution Technology Resources Inc. of Toronto. The SEC claims that he and another man inflicted losses of $1.1-million on investors, with many of them seniors. (All figures are in U.S. dollars.) Mr. Crockett's victims included a man who bought $371,000 worth of Evolution Technology shares.
The ban for Mr. Crockett is contained in a proposed judgment filed in federal court in New York on Friday, May 7. The order permanently bans Mr. Crockett from penny stocks and imposes fines and disgorgement in amounts that the judge will determine. The order comes without a trial, as Mr. Crockett has agreed to accept the penalties to settle the case. The judge still must approve the deal.
In seeking the sanctions, the SEC has revealed that there is a criminal case against Mr. Crockett in New York. That case file, which is not publicly available, includes a charge of conspiracy to commit wire fraud. (Unlike the SEC's civil case, the potential penalties in the criminal action include prison time.) According to Friday's SEC settlement, Mr. Crockett has agreed to plead guilty to that charge.
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