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4-Traders Homepage  >  Equities  >  OTC Bulletin Board  >  Jammin Java Corp    JAMN

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Jammin Java : SEC Obtains $58 Million Judgment Against Perpetrator of International Pump-and-Dump Scheme Involving Marley Coffee

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10/04/2017 | 02:08pm CEST

WASHINGTON, Oct. 3 -- The Securities and Exchange Commission issued the following litigation release:

The Securities and Exchange Commission obtained a $58 million judgment against a UK and Canadian resident charged with perpetrating a multimillion-dollar, international pump-and-dump scheme involving the stock of Jammin' Java Corp., a company that used trademarks of the late reggae artist Bob Marley to sell coffee products.

The final judgment against Wayne Weaver, entered on October 2, 2017, permanently enjoins Weaver from violating Section 5 of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 13(d) of the Exchange Act and Rules 13d-1 and 13d-2 thereunder; permanently bars Weaver from participating in penny stock offerings; and orders Weaver to pay disgorgement of $26,371,585, prejudgment interest of $5,221,809, and a civil penalty of $26,371,585, for a total of $57,964,979. On September 15, 2017, Weaver filed a notice of appeal.

The SEC previously obtained consent judgments against all other defendants named in the action, ordering the payment of more than $8 million in disgorgement, interest, and penalties. The judgments, entered from July 2016 to May 2017, permanently enjoin:

* Jammin' Java, Shane Whittle, Stephen Wheatley, Michael Sun, Kevin Miller, Mohammed Al-Barwani, and Rene Berlinger from violating Section 5 of the Securities Act;

* Alexander Hunter (now known as John Alexander) and Thomas Hunter from violating Section 17(a) of the Securities Act;

* Whittle, Alexander Hunter, and Thomas Hunter from violating Section 10(b) of the Exchange Act and Rule 10b-5;

* Whittle and Sun from violating Section 13(d) of the Exchange Act and RulesA 13d-1 and 13d-2; and

* Whittle from violating Section 16(a) of the Exchange Act and Rule 16a-3.

The judgments also order:

* Jammin' Java to pay $605,331 in disgorgement, together with $94,669 in prejudgment interest, for a total of $700,000;

* Whittle to pay disgorgement of $1,894,669, prejudgment interest of $360,940, and a civil penalty of $250,000, for a total of $2,505,609;

* Alexander Hunter and Thomas Hunter each to pay a civil penalty of $300,000;

* Wheatley to pay $2,364,125 in disgorgement, together with $385,875 in prejudgment interest, for a total of $2.75 million;

* Sun to pay disgorgement of $400,000 and prejudgment interest of $33,796;

* Miller to pay disgorgement of $783,369 and prejudgment interest of $116,631;

* Al-Barwani to pay disgorgement of $270,000 and prejudgment interest of $41,204; and

* Berlinger to pay disgorgement of $47,070 and prejudgment interest of $6,692.

The judgments also bar:

* Wheatley and Miller from participating in penny stock offerings permanently;

* Whittle from serving as an officer or director or participating in penny stock offerings for ten years; and

* Alexander Hunter, Thomas Hunter, Sun, Al-Barwani, and Berlinger from participating in penny stock offerings for five years.

Jammin' Java, Shane Whittle, Alexander Hunter, Thomas Hunter, Stephen Wheatley, Michael Sun, Kevin Miller, Mohammed Al-Barwani, and Rene Berlinger each consented to entry of the judgments against them without admitting or denying the SEC's allegations.

The SEC's litigation was conducted by Timothy S. Leiman, Daniel J. Hayes, Robert M. Moye, and Peter Senechalle in the Chicago Regional Office. The investigation that led to the SEC's charges was led by Paul M. G. Helms, who also assisted with the litigation.

The SEC acknowledges the assistance of the Financial Industry Regulatory Authority, the British Columbia Securities Commission, the Capital Markets Board of Turkey, the Cayman Islands Monetary Authority, the Jersey Financial Services Commission, the Mexican ComisiAln Nacional Bancaria y de Valores, the Ontario Securities Commission, the Republic of the Marshall Islands Banking Commission, the Swiss Financial Market Supervisory Authority, the United Kingdom Financial Conduct Authority, the Superintendencia del Mercado de Valores de PanamAA, and the Financial Market Authority Liechtenstein.

Targeted News Service, source News Service

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