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SEC defendant Thompson settles pump-and-dump case

2020-10-19 19:07 ET - Street Wire

See Street Wire (U-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

Anthony Thompson Jr., a Maryland man charged by the U.S. Securities and Exchange Commission alongside Montreal's Eric Van Nguyen for a $10-million pump-and-dump scheme, has reached a deal to settle the case. (All figures are in U.S. dollars.) The government claimed that the men boosted five stocks on the OTC Bulletin Board from 2009 to 2012. Mr. Thompson was behind tout sheets that contained misleading "Blockbuster Pick Alerts" about penny stocks that ultimately proved worthless, the SEC said.

News of Mr. Thompson's settlement is contained in a letter to the judge filed in federal court in New York on Friday, Oct. 16. The letter does not set out the terms of the deal, as those terms will not become public until the deal receives approval from the SEC's five commissioners. The SEC previously sought disgorgement of Mr. Thompson's gains from the scheme, which the regulator calculated to be $2.37-million. The SEC also sought a "significant" fine for Mr. Thompson.

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