ACAP Financial, Inc. v. United States Securities & Exchange Commission

GORSUCH, Circuit Judge.

Greyfield Capital was a defunct Canadian company. That is, until a couple of con men got their hands on a signature stamp belonging to the company’s -former president. The men made liberal use of that stamp, employing it to appoint themselves corporate officers, issue millions of unregistered shares in their names, and then embark on a classic penny stock pump- and-dump scheme. They issued press releases touting Greyfield as a “premium automobile dealership” experiencing “explosive growth” and “quickly becoming the largest ... in western Canada” — even though they never…