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SEC defendant Kon says proposed fine is excessive

2022-06-20 20:43 ET - Street Wire

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by Mike Caswell

Alexander Kon, a Kansas stock tout with Canadian connections, has protested a $906,468 judgment that the U.S. Securities and Exchange Commission is seeking against him as being excessive. (All figures are in U.S. dollars.) He says that he has little money and that the SEC's "unfounded accusations and conspiratorial intimations" make his violations out to be far worse than they were. As he sees things, a $5,000 fine is appropriate.

The SEC is seeking the $906,468 judgment as punishment for Mr. Kon's violation of a prior ban. Mr. Kon accepted a one-year ban in 2018 to settle charges arising from his promotion of a medical marijuana listing. He then immediately ignored that ban, accepting hundreds of thousands of dollars to tout multiple companies, with most of the money coming from Canadian accounts, the SEC claimed.

For his part, Mr. Kon agrees that he violated the ban, but he says that his violation was nowhere near as bad as the SEC portrays it. In a response filed on June 10, 2022, he describes his ban as being more technical in nature than anything else. He says that he failed to properly disclose the source of $25,000 he received for promoting a penny stock.

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