On September 25, 2014, the SEC announced that final judgements were entered by the US District Court for the DIstrict of Massachusetts against defendants Maximilien Arella and Ian Morrice, executives of Spencer Pharmaceutical, Inc. a. The judgments impose permanent injunctions against future violations and order Arella and Morrice to each pay $50,000 penalties.
The SEC action filed in 2012 alleged that Spencer, its officers and directors were involved in a “pump and dump” scheme orchestrated by Francois Amyot, a Canadian who controlled Spencer. The scheme to inflate the value of Spencer was accomplished by issuing false and misleading press releases which caused the stock to double, at one point, in two days, allowing Amyot to dump tens of millions of shares at inflated prices.
The actions against Spencer and Amyot, as well as two companies controlled by Amyot, Hilbroy Advisory and IAB Media, are still pending.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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