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by Mike Caswell
The U.S. Securities and Exchange Commission has won a permanent ban and $2.5-million in monetary sanctions against Eric Landis, a Virginia stock tout charged for a scheme that included two Canadian-linked listings. (All figures are in U.S. dollars.) The SEC claimed that Mr. Landis carried out manipulative trades in stocks that he had been paid to promote. The listings included Interactive Multi-Media Auction Corp., an OTC Markets company that Vancouver-area residents Kenneth Telford and Jason McDiarmid were separately fined for manipulating.
The penalties for Mr. Landis are contained in a judgment handed down in federal court in Boston on Monday, Dec. 5. The order permanently bars him from penny stocks and from committing any future violations. The judge also ordered him to disgorge his gains from the scheme, amounting to $2.5-million. The order is a footnote to an earlier criminal case, in which Mr. Landis pleaded guilty and received six months in jail.
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