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by Mike Caswell

Kansas stock tout Alexander Kon has lost his appeal of a $760,059 judgment that the U.S. Securities and Exchange Commission won against him after he touted multiple listings in violation of a prior ban. (All figures are in U.S. dollars.) The SEC claimed that Mr. Kon accepted hundreds of thousands of dollars, mostly from Canadian accounts, to issue favourable reports on listed companies. He hid his role with the touting by having an associate ostensibly control his business from the Philippines, the SEC said.

The loss for Mr. Kon is contained in a judgment released on Wednesday, Oct. 16, by the U.S. Court of Appeals for the Eleventh Circuit. Three judges have upheld Mr. Kon's penalties, which included a $585,960 disgorgement order and a related fine. The loss comes after an appeal process that was initially derailed after Mr. Kon, who represented himself, failed to file court documents on time.

Wednesday's ruling concludes a case which arose after Mr. Kon failed to obey a ban that the SEC previously won against him. In 2018, he agreed to a one-year ban from promoting stocks to settle charges arising from his touting of a medical marijuana listing. The SEC said that he had failed to disclose the source of a $25,000 payment that he received. In accepting the ban, Mr. Kon did not admit to any wrongdoing.

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