Lexit Wednesday, 12/10/14 09:32:22 PM Re: None Post # of 61 SEC seeks permanent ban, fines for JF Amyot Quote:Quebec man “thumbed his nose” at U.S. legal system 10 Dec 2014 Daily Stockwatch by Mike Caswell SEC seeks permanent ban, fines for Amyot THE U.S. Securities and Exchange Commission has filed a motion seeking a default judgment that could be as high as $11-million against Jean-Francois Amyot , a Quebec man who “thumbed his nose” at the U.S. legal system while facing pump-and-dump charges. (All figures are in U.S. dollars.) The SEC says a substantial monetary penalty is justified as is a permanent penny stock ban. Mr. Amyot contested the case up until the last minute, only to not show up for his jury trial. The proposed sanctions against Mr. Amyot , which are contained in a motion the SEC filed on Monday, Dec. 8, include $5.87-million in disgorgement of gains and the SEC is also seeking a third tier civil penalty, citing Mr. Amyot ’s “egregious conduct.” The third tier penalty can be as little as $130,000 or as high as the amount of Mr. Amyot ’s gains, which the regulator calculates to be $5.24-million. The exact amount is left up to the judge. If the judge awards the highest possible amount, Mr. Amyot ’s sanctions could be $11-million. In addition to those penalties, the SEC is seeking a permanent officer and director ban and a permanent penny stock ban. The proposed penalties stem from the 2010 manipulation of a pink sheets listing called Spencer Pharmaceuticals Inc.