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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a federal judge in Florida to impose a permanent ban against Detroit's Benjamin Ballout and Egypt's Mohamed Zayed, who were behind the pump-and-dump of Enerkon Solar International Inc. on the OTC Markets. The SEC claimed that the men were behind a scheme in which Enerkon touted $320-million in supposed sales from a Canadian-made test for COVID-19. (All figures are in U.S. dollars.) The conduct of the men was "egregious and recurrent," and the men have not acknowledged any wrongdoing, the SEC says.

The request from the SEC comes as part of a case the regulator has been pursuing against the men over claims they made with respect to a quick COVID-19 test kit. According to the SEC, Mr. Ballout falsely claimed to have an order from an organization in the Dominican Republic for test kits, and issued a news release to that end. He touted a $28-million-a-month deal even after the Canadian distributor of the device told him that his news release was false and misleading, the SEC said.

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