Stock Scheme Defendant Owes SEC Almost $480,000 After Default

A financial services company operator must pay the SEC nearly $480,000 after the agency secured a default judgment against him in a suit alleging a stock manipulation scheme, a federal judge in Massachusetts said.

Daniel Lacher is on the hook for a Securities and Exchange Commission fine of more than $414,300 and another $65,300 in disgorgement and prejudgment interest after failing to appear in court, the U.S. District Court for the District of Massachusetts said.

Lacher helped disguise co-defendant Morrie Tobin’s ownership of companies whose stock was dumped during the scheme, according to the SEC’s 2019 amended complaint. ...