SEC target Dany asks judge to dismiss Norstra case
2016-06-21 10:44 ET - Street Wire
Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-NORX) Norstra Energy Inc
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by Mike Caswell
Newsletter writer Eric Dany, charged for touting B.C.-linked oil explorer Norstra Energy Inc. with a misleading 8.5-billion-barrel oil figure, has asked that the judge throw the case out. He claims that he had little to do with a scheme that saw the stock go to $2.06 from 35 cents. (All figures are in U.S. dollars.) The only thing he did was accept $20,000 so that others could use his likeness in promotional materials, he says.
The U.S. Securities and Exchange Commission claims that Mr. Dany participated in a spam campaign that boosted Norstra in 2013. He arranged for materials that made "wildly optimistic" projections about the company, the SEC says. Among other things, he repeated and inflated misleading oil reserve figures, according to the regulator.
Mr. Dany, however, portrays his role in the scheme as minimal. In a motion filed in New York on Friday, June 17, he says that he was only a small part of a multimillion-dollar "investor awareness campaign." People other than him planned the campaign and distributed the related materials. The only thing that Mr. Dany did was act as an endorser, receiving $20,000 so that his likeness could be used in the campaign, his motion states.
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