Ex-Argus CEO Gets Officer Ban, Disgorgement in SEC Fraud Case

The former CEO of Argus Worldwide Corp. can’t lead a publicly-traded company and must pay the Securities and Exchange Commission over $265,000 after being held liable for a pump-and-dump fraud ring involving the pharmaceutical company’s penny stock, a federal judge ruled.

Michael Wexler also can’t offer penny stocks, Judge Marilyn L. Huff said in her final judgment Monday for the US District Court for the Southern District of California. Huff declined to impose civil penalties earlier this month when she partly granted the SEC’s motion for remedies. She said other penalties would suffice, but that Wexler still hasn’t accepted ...