Marijuana Co. Exec Banned From Trading Penny Stocks

Law360 (August 14, 2019, 10:26 PM EDT) -- A Pennsylvania federal judge has granted the U.S. Securities and Exchange Commission’s request to ban a businessman from running a public company or trading the type of penny stocks he allegedly used in a pump-and-dump scheme tied to a marijuana company.

Thomas J. Parilla, of Erie, Pennsylvania, agreed to the SEC’s terms without admitting or denying wrongdoing and will face penalties set by U.S. District Judge Susan P. Baxter, who approved the deal Tuesday and will now decide the length of Parilla’s bans and set possible fines for his alleged violations of securities laws.

The SEC accused Parilla of jumping into Colorado’s...

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