This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Chip Rice, a Minnesota man ordered to pay $11-million to the U.S. Securities and Exchange Commission for a scheme involving the improper sale of hundreds of millions of shares, has appealed the sanction and a related three-year ban. (All figures are in U.S. dollars.) The SEC claimed that Mr. Rice illegally unloaded shares over a four-year period, with the stocks in his scheme including Grow Solutions Holdings Inc. of Saskatchewan. Mr. Rice improperly acquired and sold 121 million shares of the company, according to the SEC.

Mr. Rice's appeal comes just weeks after the SEC won the $11-million judgment against him. The decision, handed down on Sept. 23, 2024, included disgorgement of $10.1-million in gains, plus interest. The judge also banned Mr. Rice from penny stocks for three years. The SEC had sought a $1.28-million fine on top of the other penalties, but the judge declined to impose one.

The appeal is set out in a brief notice that Mr. Rice filed in federal court in Minnesota on Wednesday, Nov. 5. The notice provides no details, simply stating that Mr. Rice intends to take his case to the U.S. Court of Appeals for the Eighth Circuit. The items under appeal will include the final judgment as well as motion decisions that the judge made earlier in the case.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS