|SEC says Norstra tout Dany far from fringes of scheme|
2016-07-14 10:45 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 was far more than a fringe participant in a scheme to boost B.C.-linked oil explorer Norstra Energy Inc., the U.S. Securities and Exchange Commission says. His picture and signature appeared in spam that went out as the stock went to $2.06 from 35 cents. (All figures are in U.S. dollars.) He also encouraged readers of that material to accept a trial subscription to his newsletter, Eric Dany's Stock Prospector, the SEC contends.
The statements from the SEC come as part of a case in which it claims that Mr. Dany participated in a 2013 campaign to boost Norstra. 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 has been trying to have the judge drop the charges, claiming that he had little to do with the scheme. In a June 17, 2016, motion he said that his role amounted to accepting $20,000 so that others could use his likeness in promotional materials. As he saw it, he was a very small part of a multimillion-dollar investor awareness campaign.
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