|SEC's Norstra target Dany receives permanent ban|
2016-09-20 10:25 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
The U.S. Securities and Exchange Commission has won a permanent penny stock ban and $52,764 in financial penalties against Illinois stock tout Eric Dany. (All figures are in U.S. dollars.) The SEC said that Mr. Dany helped with a 2013 spam campaign that urged investors to buy Vancouver-linked oil explorer Norstra Energy Inc. During the scheme Mr. Dany massively inflated the company's oil estimate, placing it at around 8.5 billion barrels, according to the SEC.
The sanctions for Mr. Dany are contained in a judgment handed down in New York on Monday, Sept. 19. The ban includes terms that bar Mr. Dany from promoting, advertising, endorsing or marketing any penny stock. This will undoubtedly be of some significance to Mr. Dany, as he had been publishing a $79-per-year tout sheet called Eric Dany's Stock Prospector. The publication had been around since 1999. (Its website is no longer active.) He is also banned from trading penny stocks.
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