SEC wins $6.7-million (U.S.) in penalties for Wheeler
2014-10-02 12:50 ET - Street Wire
See Street Wire (C-*SEC) U S Securities and Exchange Commission
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by Mike Caswell
The U.S. Securities and Exchange Commission has won $6.7-million in civil sanctions against Christopher Wheeler, the New York stock tout charged with a pump-and-dump scheme that included two Canadian listings. (All figures are in U.S. dollars.) The SEC claimed that Mr. Wheeler promoted the companies on-line while secretly selling millions of shares.



1. This action arises from a pump-and-dump scheme orchestrated by Wheeler involving the securities of several thinly-traded penny stocks. At various times in 2007 and 2008 (the "Relevant Period"), Wheeler promoted several penny stocks on his Website.
2. Wheeler recommended that investors purchase the featured securities, without disclosing that he had received millions of shares as compensation for his promotions and that he was simultaneously liquidating these shares. To generate interest before Wheeler dumped his shares on unsuspecting buyers, Wheeler featured the securities on his Website, posted lofty price targets, and made buy recommendations
Read more at http://www.stockhouse.com/companies/bullboard/v.sli/st-elias-mines-ltd#aqKmS63FACbgw7iA.99