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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban against Dominic Williams, a California man charged alongside a group of Canadians for a series of stock market schemes run through the Stockpalooza.com touting website. The SEC claimed that Mr. Williams was part of a scheme to boost Abby Inc., a Calgary oil and gas company with a supposed prospect in Thailand and an obstacle racing course business. He and others unloaded $443,000 worth of shares as promotional materials claimed the company "could slingshot upward for gains of the triple digit kind." (All figures are in U.S. dollars.)

The ban for Mr. Williams is contained in an order handed down on Jan. 22, 2024, in federal court in San Diego. Upon entry of a formal judgment, he will be permanently banned from penny stocks and subject to an injunction barring future violations. The judge has also imposed an $18,750 fine. (The SEC did not seek disgorgement of any gains against Mr. Williams, but the outstanding defendants in the case include several private entities that the SEC accused of selling shares as part of the scheme.) The order was one handed down by default, as Mr. Williams ignored the matter.

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