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by Mike Caswell

Ongkaruk Sripetch, the Washington State stock tout known as "King Richards," has lost his appeal of a $3.3-million judgment handed down over a Canadian-linked pump-and-dump scheme. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission said that Mr. Sripetch helped to boost VMS Rehab Systems Inc., an Ottawa company that supposedly made orthopedic seat cushions. Mr. Sripetch and three Canadians realized at least $6.6-million in illegal gains as paid tout sheets said the stock would be "soaring by over 200%."

The appeal centred on a judgment that the SEC won against Mr. Sripetch on April 17, 2024, with that decision ordering him to pay $3.3-million. (The judge also permanently banned Mr. Sripetch from penny stocks, but the ban was not part of the appeal.) Mr. Sripetch complained that the judge should not have ordered him to disgorge his gains, as there was no evidence that investors were harmed. In particular, the SEC did not identify any victims or set out their losses, he said.

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