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SEC seeks permanent ban for Ontario's Wexler

2025-02-04 19:51 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

The U.S. Securities and Exchange Commission has asked a California judge to impose a permanent ban and $934,754 in monetary sanctions against Michael Wexler, an Ottawa man charged for pump-and-dumps run on the OTC Markets in 2016 and 2018. (All figures are in U.S. dollars.) The SEC claimed that Mr. Wexler was part of a scheme that boosted companies with lines such as "Latest M&A move could send this stock soaring by over 200%!" According to the SEC, he issued news releases timed to support the market manipulation efforts of others.

The proposed penalties for Mr. Wexler are contained in a motion that the SEC filed on Jan. 30, 2025, in federal court in San Diego. The SEC is asking that the judge permanently ban Mr. Wexler from penny stocks and from serving as an officer or director. The $934,754 in monetary sanctions includes a $669,687 civil penalty along with disgorgement of $190,269 in gains, plus interest.

The penalties come as part of a case in which the SEC cited Mr. Wexler for the pump-and-dumps of VMS Rehab Systems Inc. and Argus Worldwide Corp. in 2016 and 2018. The SEC said that Mr. Wexler, who was the chief executive officer of the companies, issued news amidst paid promotional campaigns run by others. He also transferred shares to a group that "worked together to fraudulently increase liquidity in the market for Argus stock and attempt to raise its price," the SEC claimed.

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