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SEC defendant Thompson protests contempt motion

2021-10-22 20:47 ET - Street Wire

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by Mike Caswell

Anthony Thompson, the Maryland stock tout facing a contempt-of-court motion from the U.S. Securities and Exchange Commission over an unpaid judgment, says that he has little money left. His ex-wife won his remaining assets, and she did so after undertaking an extensive effort to uncover everything he owned. He says that he attempted to negotiate a payment schedule with the SEC, but the regulator's response has only been to initiate "extremely aggressive" collection efforts.

The contempt-of-court proceedings for Mr. Thompson come as part of a case in which the SEC claimed that he and others, including Montreal stock tout Eric Van Nguyen, were part of a $10-million pump-and-dump scheme. (All figures are in U.S. dollars.) The SEC said that the men misled investors, making baseless claims such as one in which they said that a company with no operations was producing a sports drink superior to the well-known Gatorade product.

Mr. Thompson settled the case out of court, agreeing to pay $762,263. The problem, according to the SEC, is that he has made no effort to come up with the money, despite having access to large sums. In a motion filed on Sept. 23, 2021, the SEC asked the judge to hold Mr. Thompson in contempt of court for his failure to pay. The regulator said that he had a four-bedroom residence in Maryland with a value of $1-million. The SEC also said that his pay stubs reflected an annual income of $300,000 per year. On top of that, bank statements showed that in the 4-1/2 years leading up to July, 2021, one of his accounts received $840,000, the SEC claimed.

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