A jury in Florida has found a Canadian man guilty in a pump-and-dump case, the U.S. Securities and Exchange Commission announced Monday.

The SEC reports that a jury found a Vancouver resident, Darko Mrakuzic, “liable for violating the anti-fraud and registration provisions of the federal securities laws in connection with a scheme to illegally convert several million illegally issued shares of a small, Florida corporation into purportedly unrestricted shares that netted Mrakuzic more than US$6 million in profits.”

The remedies and sanctions in the case will be handed down by a judge at a later date, it notes.

The commission also says that Mrakuzic was the only one of the seven defendants that it sued in May 2008 to take the case to trial. The other six defendants all previously settled charges against them by consenting, without admitting or denying the allegations, to permanent injunctions. Some of them also face industry bans and monetary penalties.

IE