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by Mike Caswell
The U.S. Securities and Exchange Commission has won a $736,000 disgorgement order against Simone Gastauer Foehr, a relief defendant in the regulator's case against Roger "Rocket" Knox and others for a scheme that facilitated multiple pump-and-dumps, including at least four linked to Vancouver. (All figures are in U.S. dollars.) The SEC said that Ms. Foehr participated in the transfer of $4-million in proceeds of illicit stock sales. Of the money, at least $736,000 wound up in accounts that she controlled.
The judgment comes as part of a case in which the SEC cited Mr. Knox for the fraudulent sale of millions of shares in 50 public companies. Through the use of nominees and omnibus accounts, he allowed insiders to secretly dump shares in the midst of touting campaigns, the regulator claims. At least some of the money from those sales passed through Vancouver-area brokerages, according to the SEC.
The disgorgement order for Ms. Foehr is contained in a judgment entered on Oct. 31, 2019, in federal court in Boston. Ms. Foehr was a relief defendant in the case, meaning that the SEC was not seeking to ban or fine her. It was only seeking money that came into her possession. Without admitting any wrongdoing, Ms. Foehr has agreed that she will hand over $736,000 upon the SEC obtaining a judgment against the main defendants. In other words, the SEC still must win the case against the others before it can collect.
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