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by Mike Caswell

Francis Dudley, a Florida stock tout charged alongside Vancouver's Barry Reagh and others for a 2019 pump-and-dump, denies that he did anything wrong. The U.S. Securities and Exchange Commission claims that Mr. Dudley distributed misleading research reports, with those reports claiming that a cannabis listing had the "home court advantage" as part of a "$22 billion gold rush" triggered by the prospect of legalization. (All figures are in U.S. dollars.) The touting came as others unloaded $1-million worth of stock, the SEC said.

The denials from Mr. Dudley are contained in an answer filed on Monday, June 5, in federal court in San Diego. The document is 24 pages long, but it mostly contains generic denials. In response to almost every paragraph of the SEC's complaint, Mr. Dudley says that he is "without knowledge and demands strict proof thereof."

Mr. Dudley does make some admissions, however. In particular, he admits that an entity he owns distributed "some amount of so-called research reports in 2019" and that he reviewed those reports. He denies that there was anything false or misleading about the reports, and denies that he acted negligently. While Mr. Dudley has little else to say in response, he "affirmatively asserts that he has done nothing wrong." He also denies that he realized any gains from the scheme, and asks for a trial by jury.

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