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 won a $10.7-million judgment against Gannon Giguiere, a California man who ran a touting website called TheMoneyStreet. (All figures are in U.S. dollars.) The SEC claimed that he and a group of Canadians ran multiple pump-and-dumps, including a $1.57-million scheme with a company called Kelvin Medical Inc. on the OTC Markets. He and Vancouver's Oliver Lindsay entered manipulative trades in the midst of a promotional campaign that touted the company with messages such as "YOU MUST OWN KVMD," the SEC said.

The penalties for Mr. Giguiere are contained in an order handed down on Tuesday, June 11, in federal court in San Diego. The $10.7-million includes disgorgement of $7.76-million in gains, plus interest, and an $875,000 fine. The order does not include any bans, as Mr. Giguiere is already permanently banned from penny stocks.

The penalties come as part of parallel civil and criminal cases that the U.S. government pursued against Mr. Giguiere and a group of Canadians for pump-and-dumps run through his website in 2017 and 2018. 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 to criminal charges and received 17 months in jail.

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