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by Mike Caswell

Gannon Giguiere, the California stock tout ordered to pay $10.7-million for his part in Canadian-linked OTC Markets schemes, has filed an appeal. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission claimed that Mr. Giguiere and a group of Canadians, including Vancouver's Oliver Lindsay, were behind pump-and-dumps that included that of Kelvin Medical Inc., a supposed medical device maker. He and Mr. 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.

Mr. Giguiere's notice of appeal, filed on Aug. 22, 2024, comes about two months after the SEC won the $10.7-million decision against him. A California judge ordered him to disgorge $7.76-million in gains, plus interest, and imposed an $875,000 fine. Mr. Giguere is also permanently banned from penny stocks.

Mr. Giguiere has not yet set out his grounds of appeal, but he previously said that there was no possibility he could ever pay the SEC. He is in a "financial hole that he is unlikely to ever crawl out of," he claimed. He works as a receptionist at a dental office, earning $15 per hour, and owes hundreds of thousands of dollars in legal fees.

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