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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $1.45-million judgment against Jason Allen Arthur, a Nevada man charged for a scheme to tout TSX Venture Exchange listing Petroteq Energy Inc. in 2017. (All figures are in U.S. dollars.) The SEC claimed that he and others raised millions of dollars for Petroteq and another company while using false names and failing to disclose their compensation. The men realized $3.53-million from the scheme, according to the SEC.

The sanction against Mr. Arthur is contained in a consent judgment handed down on Friday, July 19, in federal court in Ohio. The $1.45-million includes disgorgement of $1.17-million in gains, plus interest. The judgment also contains terms that bar Mr. Arthur from committing future violations.

For Mr. Arthur, the SEC fine is just part of his punishment for the scheme. He previously received three years in a U.S. federal prison in a related criminal case. There was no trial, as he pleaded guilty to charges that included securities fraud and wire fraud.

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