An Anti-Good Samaritan, Gannon Giguiere
SEC permanently bans California's Giguiere
by Mike Caswell
The U.S. Securities and Exchange Commission has won a permanent ban for Gannon Giguiere, operator of the touting website TheMoneyStreet, for a 2017 scheme on the OTC Markets. The SEC said that Mr. Giguiere, along with a group of Canadians, was behind pump-and-dumps that included a 2017 effort to boost Kelvin Medical Inc., a supposed medical device maker. He and Vancouver's Oliver Lindsay entered manipulative trades in the midst of a promotional campaign run through TheMoneyStreet.
The ban for Mr. Giguiere is contained in a notice of settlement filed in federal court in San Diego on Friday, April 7. The settlement, which requires approval from the judge, permanently bars Mr. Giguiere from penny stocks and from serving as an officer or director of any public company. He must also pay financial penalties, with the judge to determine the amounts.
For Mr. Giguiere, the ban is just part of his punishment for the scheme. He previously pleaded guilty to related criminal charges and received 12 months in jail, a sentence that he completed on Feb. 13, 2023. Prosecutors also won a $187,893 forfeiture order against him. (All figures are in U.S. dollars.) As part of the criminal case, the government seized assets belonging to Mr. Giguiere that it said had been acquired with the proceeds of crime. Those assets included a 2007 Ferrari F12 Berlinetta that the government eventually sold.
