SEC reaches $1.08 million settlement with businessman over fraudulent mask sales to Quebec hospital

Michael Caridi, a Connecticut businessman, has settled with the U.S. Securities and Exchange Commission for $1.08 million over fraudulent mask sales to a Quebec hospital during the COVID-19 pandemic. He is also banned from penny-stock offerings and public company roles for seven years. An Ontario court previously found Caridi liable for deceiving the Quebec City hospital network by supplying substandard KN95 masks instead of certified N95 masks. The hospital had paid $13.7 million for three million masks. Caridi's company, Tree of Knowledge International Corp., shifted from cannabis to personal protective equipment in early 2020. The company later went into receivership in December 2023 after changing its name to Optima Medical Innovations Corp.