One of those scofflaws is Raymond Dabney, former president and chief executive officer of Xraymedia Inc., a Vancouver-based company that traded on the OTC Bulletin Board in the United States.
In August 2005, Dabney, who has a penchant for gold jewelry and big talk, admitted to issuing 22 false news releases. He agreed to a five-year stock market suspension and a $30,000 fine, but so far he hasn’t paid a cent.
Now he’s in more trouble.
This week, the U.S. Securities and Exchange Commission named him, his brother Richard, and four others in a complaint filed in U.S. District Court in Arizona.
The complaint alleges that Richard Dabney, who lived in Torrance, Calif., and two others manipulated the market for a bulletin board company called Alliance Transcription Services Inc. by issuing false news releases in 2005 and 2006, and Raymond Dabney assisted in the illegal issuance of unregistered Alliance shares.
The SEC has asked the court to impose civil penalties and permanently bar the brothers from the U.S. securities market.
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