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Pump-and-Dump Charges Tied to Covid Mask Claims Settled by SEC

April 19, 2021, 9:05 PM

A defendant in a stock scheme involving false claims that a company could make medical-grade masks for use during the coronavirus pandemic reached a deal with the SEC to settle the suit, the agency told a federal judge in Massachusetts.

Michael Luckhoo-Bouche agreed to pay $20,000 as a civil fine, according to documents filed in the U.S. District Court for the District of Massachusetts.

Luckhoo-Bouche and other defendants in the Securities and Exchange Commission suit allegedly arranged to illegally dump Sandy Steele Unlimited Inc. after driving up demand through misleading stock promotions. The promotions included false March 2020 claims that...

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