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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $5-million judgment against Norman Meier, a Boston-area man who wrote a book on how to pitch stocks over the phone. (All figures are in U.S. dollars.) The SEC says that Mr. Meier swindled investors by pitching them a company called Canadian Minerals, telling them that they would receive shares of Barrick Gold Corp. following a takeover. In reality, Mr. Meier misappropriated investor money, keeping it for himself and using it to pay salesmen, the SEC claims.

The penalty for Mr. Meier, 49, is contained in a judgment that the SEC released on Thursday, March 20. The $5-million includes disgorgement of $2.4-million in gains, plus interest, and a $2.4-million fine. On top of that, the judge imposed $5.8-million in sanctions against private entities associated with Mr. Meier. The decisions were handed down by default, with Mr. Meier having ignored the case.

Thursday's penalties come five months after the SEC charged Mr. Meier, filing a civil complaint on Oct. 11, 2024, in the District of Massachusetts. The SEC identified Mr. Meier as a U.S. resident and as a native of Switzerland. He was the author of a book called "Create Wealth with Private Equity and Public Companies A Guide for Entrepreneurs and Investors."

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