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 permanent bans and monetary sanctions of $134,652 and $131,347 against Justin Plaizier and Chester Alvarez, two men charged alongside Vancouver's Frank Biller for a Colombian boiler room scheme. (All figures are in U.S. dollars.) The SEC claimed that the men aggressively promoted several companies to potential investors, boosting the companies as hidden shareholders unloaded millions of shares. The scheme generated gains that the SEC calculated to be $58.3-million.

The penalties for the men are contained in proposed judgments that the SEC filed on Thursday, Jan. 23, in federal court in New York. The judgments represent negotiated settlements, in which the men have accepted the penalties. Both men are permanently banned from penny stocks and are subject to injunctions barring future violations. Mr. Plaizier, a Dutch citizen living in Canada, must pay $134,652. Mr. Alvarez, a U.S. citizen, must pay $131,347. The settlements still require approval from the judge.

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