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by Mike Caswell

The U.S. Securities and Exchange Commission has banned and fined Brian Quinn, a California man accused of being the partner of former Toronto broker Morrie Tobin in the $3.6-million pump-and-dump of Environmental Packaging Technologies Holdings Inc. in 2017. (All figures are in U.S. dollars.) The SEC said that Mr. Quinn oversaw a $1-million paid promotional campaign that touted the company as being poised to "Put Up To 1,118% In Your Pocket!" Meanwhile, he and Mr. Tobin participated in a "massive dump of shares" on the market, the SEC claimed.

The ban and fine for Mr. Quinn are contained in a proposed judgment filed in federal court in Boston on Sept. 6, 2024. The judgment permanently bars Mr. Quinn from penny stocks and orders him to pay a $230,464 fine. The sanctions represent a negotiated settlement, in which Mr. Quinn has not admitted any wrongdoing. The judge must still approve the settlement.

The deal with Mr. Quinn comes with his Canadian co-accused, Mr. Tobin, having served four months in jail in a parallel criminal case. Prosecutors cited him for multiple pump-and-dump schemes that he ran on the U.S. markets. He faced about eight years in jail, but he received considerable credit for helping the government prosecute others.

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