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by Mike Caswell
The U.S. Securities and Exchange Commission has won a default judgment against Vancouver-area resident Michael Skerry for a $957,712 scheme involving an Indiana company. (All figures are in U.S. dollars.) According to the SEC, Mr. Skerry secretly sold shares of Success Holdings Group International Inc. while sending e-mails that touted the company as a provider of health drinks and on-line movies. The stock went to a $10.25 high from $1 during the scheme.
The judgment, handed down on Aug. 6, 2019, comes after Mr. Skerry failed to attend a court-ordered pretrial interview. The judge had directed him to meet with SEC representatives in Seattle as part of the normal process that precedes a trial, but Mr. Skerry was unwilling to cross the border. He said that he feared he could be detained if he were to enter the United States. The judge had little sympathy, noting that Mr. Skerry had presented nothing to show that he was in danger of being arrested. (There is no indication that he faces any criminal charges in the U.S. The SEC's case is a civil matter, which does not carry the possibility of jail time.)
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