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by Mike Caswell

A California judge has declared a mistrial in the case against a group of men for the pump-and-dump of Loop Industries Inc., a Quebec company that claimed to have a deal with Coca-Cola. Prosecutors said that the men boosted Loop by convincing an elderly, vulnerable investor to make purchases on the market. After a 19-day trial, the jury hearing the case reported to the judge that it was hung, and could not reach a verdict.

The mistrial comes as part of a case in which California prosecutors cited four men, including Vancouver's David Stephens, for a scheme to manipulate Loop. The men unloaded the stock as it went to an $18 high, realizing $3.2-million in gains, the government said. (All figures are in U.S. dollars.) Prosecutors claimed that the case amounted to a pump-and-dump, with the stock price supported by a "concerted effort" to have the elderly investor buy shares.

U.S. authorities have yet to take Vancouver's Mr. Stephens into custody, but the case against his three co-accused (California residents Donald Danks, Jonathan Destler and Robert Lazerus), went to trial on July 31, 2024. After 19 days of hearings, the matter concluded on Wednesday, Aug. 28, with the jury reporting to the judge that it was unable to reach a verdict. The judge then declared a mistrial, which means that the case will require a second trial before a new jury (assuming prosecutors decide that a second trial is worth the effort).

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