U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23956 / October 3, 2017
Securities and Exchange Commission v. Jammin' Java Corp. et al., No. 2:15-cv-08921 (C.D. Cal. filed Nov. 17, 2015)
SEC Obtains $58 Million Judgment against Perpetrator of International Pump-and-Dump Scheme Involving Marley Coffee
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:
The judgments also order:
The judgments also bar:
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 Comisión 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 Panamá, and the Financial Market Authority Liechtenstein.