|SEC defendant Weaver ordered to pay $57.9M (U.S.)|
2017-09-18 10:44 ET - Street Wire
Also Street Wire (U-JAMN) Jammin' Java Corp
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by Mike Caswell
The U.S. Securities and Exchange Commission has won $57.9-million in penalties against Wayne Weaver, one of the Canadians accused of participating in the Jammin' Java Corp. pump-and-dump. (All figures are in U.S. dollars.) A California judge has determined that the sanction is necessary, given that the fraud was long-running and sophisticated. The Jammin' Java scheme resulted in $26.3-million in gains for Mr. Weaver, the judge has ruled.
The sanctions are contained in an order handed down on Thursday, Sept. 14, by U.S. District Court Judge Stephen Wilson. Mr. Weaver's penalty includes disgorgement of $26.3-million in gains plus interest, as well as a $26.3-million fine. In addition, the judge has permanently barred Mr. Weaver from penny stocks.
The penalties stem from the 2011 pump-and-dump of Jammin' Java, a purported coffee company. The SEC said that a group of men boosted the stock with misleading claims about a business that included the name of the late singer Bob Marley. During the scheme, offshore accounts connected to Mr. Weaver were heavy sellers, the SEC claimed.
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