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by Mike Caswell

The U.S. Securities and Exchange Commission has dropped its case against Jonathan Destler, a California man charged for a scheme to manipulate Loop Industries Inc. of Quebec. The SEC claimed that Mr. Destler and others, including Vancouver's David Stephens, improperly boosted the stock to an $18 high in 2017. (All figures are in U.S. dollars.) The price was supported in part by purchases on the market by an elderly, vulnerable investor, according to the SEC.

The end of the case is contained in a brief notice that the SEC filed in federal court in California on Tuesday, July 8. The notice says little about the reasons for the dismissal, with the SEC simply saying that it has "reviewed the relevant facts and circumstances" and has decided to voluntarily dismiss the charges. As the case is in the early stages, there is no court order required.

While Tuesday's notice says little, it comes with Mr. Destler having previously beaten related criminal charges. He had a 19-day trial in August, 2024, on charges of securities fraud and conspiracy to commit securities fraud arising from the Loop Industries scheme. That trial resulted in a hung jury. The judge later entered an acquittal for Mr. Destler and another defendant, Robert Lazerus of California.

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