18:11:31 EDT Fri 12 Jul 2024
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SEC defendant Sripetch appeals $3.3M (U.S.) judgment

2024-06-19 19:03 ET - Street Wire

Also Street Wire (U-ARGW) Argus Worldwide Inc
Also Street Wire (U-VRSYF) VMS Rehab Systems Inc

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by Mike Caswell

Ongkaruck Sripetch, the Washington State stock tout known as "King Richards," has filed an appeal after a judge ordered him to pay $3.3-million for his part in a Canadian-linked pump-and-dump scheme. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission claimed that he helped manipulate VMS Rehab Systems Inc., an Ottawa company that supposedly made orthopedic seat cushions. The SEC said that Mr. Sripetch and three Canadians realized at least $6.6-million in illegal gains as paid tout sheets said the stock would be "soaring by over 200%."

Mr. Sripetch's appeal is contained in a brief court filing entered on June 13, 2024. He is seeking to overturn a judgment that ordered him to pay $3.3-million and permanently banned him from penny stocks. He has not yet set out his reasons for appealing, but he previously complained that the SEC failed to provide any evidence that investors were harmed. In particular, the SEC did not identify any victims or set out their losses, he said.

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