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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to impose sanctions totalling $10.7-million on Gannon Giguiere, a California man who ran the touting website TheMoneyStreet. (All figures are in U.S. dollars.) The SEC charged him and a group of Canadians for running multiple stock market schemes, including the $1.57-million pump-and-dump of Kelvin Medical Inc., which was listed on the OTC Markets. Mr. Giguiere's website touted the company with messages such as "YOU MUST OWN KVMD," sending it to a $1.70 high, the SEC said.

The penalties, should the SEC win them, come as part of the government's prosecution of a Canadian group for schemes run through Mr. Giguiere's website. Among the defendants was Oliver Lindsay, a Vancouverite who had been living in the Cayman Islands. Prosecutors claimed that he was part of the pump-and-dump of Kelvin Medical, boosting the stock to $1.20 through manipulative trades. He pleaded guilty and received 17 months in jail for the scheme.

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