10:13:42 EST Tue 12 Nov 2024
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC permanently bans Canafarma defendant Fargesen

2024-09-18 19:44 ET - Street Wire

Also Street Wire (C-CNFA) Canafarma Hemp Products Corp

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 permanently banned Vitaly Fargesen, the New Jersey man jailed for a fraud at Vancouver's Canafarma Hemp Products Corp. in 2019. The SEC said that he and others raised $15-million while touting a hemp operation that was "just for show." (All figures are in U.S. dollars.) He and others misappropriated money through bogus consulting agreements, taking $4-million altogether, according to the government.

The ban for Mr. Fargesen is contained in a proposed judgment that the SEC filed on Tuesday, Sept. 17, in federal court in New York. The judgment permanently bars him from penny stocks and from serving as an officer or director. He is also liable for disgorgement of $828,287 in gains, plus $144,542 in interest. The penalties represent a negotiated settlement, and still require approval from the judge.

For Mr. Fargesen, the sanctions come as he is serving a five-year jail term that he received in a parallel criminal case. There was no trial, as he pleaded guilty. He explained that his crime occurred when he was in a "dark place in life." In 2018, he discovered that one of his children had an opioid addiction. Mr. Fargesen also underwent a failed hernia surgery in 2020. The surgeon failed to insert a mesh used to stabilize the hernia, resulting in the hernia spreading to his groin area, he said.

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

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.