SEC wins order to depose Canadian suspect in nearly $1M penny stock con

A Canadian accused in an Indiana federal court of a “scalping” scheme to fraudulently drive up the price of a penny stock while selling off his own shares for a profit of almost $1 million must answer questions in a U.S. deposition before the Securities and Exchange Commission, a judge has ruled. The SEC accuses Michael Skerry of New Westminster, British Columbia, of executing the scheme, in which regulators allege he profited by about $950,000.

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