The complaint listed six examples of their touting, the most profitable example of which was a Toronto company called Atlantic Wind & Solar Inc. The company claims to be making rooftop solar panels. A posting on PennyStockChaser on Oct. 21, 2009, stated: "[Atlantic] is making loads of cash for members who are in the game ... PSC spoke to the company today and they tell us that members should buckle in. Big news is coming at the end of this week." The next day the stock reached a $4.84 high on volume of over one million shares. While posting that message and three others like it, Mr. Ryan and Ms. McKeown sold 360,000 shares, grossing $780,600, the SEC claims.
Another example cited by the SEC was Biocentric Energy Holdings Inc., a Florida company that purported to be developing green energy technology. PennyStockChaser issued four messages touting the stock, including one on July 4, 2009, which stated: "[Biocentric] is the real deal.... This stock already has HUGE VOLUME and it will only get better." The stock, which was trading under a penny, rose to a three-cent high, and its volume had a high of 30 million shares. The SEC said that Mr. Ryan and Ms. McKeown sold 24 million shares around the same time, grossing $569,000.
The other examples listed by the SEC were Avro Energy Inc., Converge Global Inc., Bluewave Group Inc. and MSE Enviro-Tech Corp., which followed similar patterns. The regulator sought disgorgement of ill-gotten gains, appropriate civil penalties and permanent penny stock bans.
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