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 Ontario Securities Commission has filed a case against Toronto's Andy DeFrancesco, seeking to permanently ban him from serving as an officer or director over his part in the Cool Holdings Inc. pump-and-dump from 2018. The OSC says that Mr. DeFrancesco "engaged in serious misconduct," using Cool Holdings as part of a scheme that generated $8-million in gains. (All figures are in U.S. dollars.) He unloaded shares amidst a paid promotional campaign that touted the company as a vendor of Apple products, according to the OSC.

The proposed ban is contained in an application that the OSC released on Friday, June 6. The regulator is seeking an order that would require Mr. DeFrancesco to resign any positions that he holds as an officer or director. He would then be permanently prohibited from serving as an officer or director again.

Friday's request relies entirely on a case that the U.S. Securities and Exchange Commission pursued against Mr. DeFrancesco for the Cool Holdings pump-and-dump. The SEC claimed that Mr. DeFrancesco unloaded shares of Cool Holdings amidst claims that the company had a "$900 Million Opportunity from Apple." The stock went to an $18.25 high during the scheme, before dropping to pennies.

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