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by Mike Caswell
The U.S. Securities and Exchange Commission has banned New York lawyer Peter DiChiara, one of those accused of participating in a pump-and-dump run by former Toronto broker Morrie Tobin. The SEC claimed that Mr. DiChiara helped Mr. Tobin conceal his holdings in Environmental Packaging Technologies Inc., an OTC Markets listing that went to $2.25 in 2017. (All figures are in U.S. dollars.) The SEC and prosecutors in Boston separately accused Mr. Tobin of unloading $1.5-million worth of shares in that company in the midst of a paid promotion.
The ban for Mr. DiChiara is contained in an administrative order handed down on Tuesday, Sept. 21, and in a court order dated Sept. 1, 2021. The SEC has barred Mr. DiChiara from penny stocks for five years and from practising as a lawyer before the SEC for three years. Mr. DiChiara must also pay $57,167, with the amount including disgorgement of money he received in legal fees. The sanctions are part of a negotiated settlement, in which Mr. DiChiara did not admit any wrongdoing.
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