This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has permanently banned Kevin Gillespie, a Florida man charged alongside a group of Canadians for the Arias Intel Corp. pump-and-dump. The SEC said that Mr. Gillespie, who was the president of the company, provided advance copies of news releases to his co-accused and ensured other shareholders would not be selling during the scheme. He also issued news timed to coincide with paid tout sheets.

Mr. Gillespie's ban, contained in a judgment disclosed by the SEC on Friday, May 12, bars him from penny stocks and from serving as an officer or director of any reporting issuer. It also includes an injunction against future violations. The judgment does not include any fines for Mr. Gillespie.

With Friday's ban, Mr. Gillespie has avoided any substantial penalties for the scheme. The ban comes over one year after he avoided going to jail in a parallel criminal case. Prosecutors in San Diego ensnared him and others through an undercover FBI investigation in 2018. Mr. Gillespie pleaded guilty, and prosecutors asked the judge to send him to jail for two years. The judge, however, imposed a sentence of five years of supervised release.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS