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by Mike Caswell

The U.S. Securities and Exchange Commission has fined and permanently banned Ontario lawyer Mark Borden over a scheme in which he improperly sold billions of shares. The SEC claims that Mr. Borden sold shares of U.S. penny stock listings on behalf of clients amidst paid promotional campaigns. He generated $15-million for one of his clients over a three-year period, according to the SEC. (All figures are in U.S. dollars.)

The penalties for Mr. Borden are contained in a settlement that the SEC released on Tuesday, April 9. The settlement permanently bars Mr. Borden from penny stocks and includes a $70,000 fine, $231,363 in disgorgement and $33,907 in interest. The penalties represent a negotiated settlement, in which Mr. Borden has not admitted any wrongdoing.

The case, as set out in a civil complaint filed on April 8, 2024, goes back to 2017, when Mr. Borden operated a firm called Borden Family Lawyers. Although the name of the firm suggests that Mr. Borden's practice centred around divorces and other family disputes, the SEC says that the firm had clients who employed Mr. Borden to sell penny stocks on their behalf.

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