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SEC halts Gardner's Olie after $35-million deal

2014-01-28 13:29 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-OLIE) Olie Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has halted Olie Inc., a subpenny pink sheets listing that has Vancouver's Robert Gardner as its president. The SEC says there are questions about the accuracy of publicly available information on the company. The regulator has provided no specifics, but Olie has many recent news releases in which the company claims to have deals worth tens of millions of dollars.

The halt is contained in a notice the SEC issued prior to the open on Monday, Jan. 27. It applies to Olie and a connected Florida company called Hi Score Corp. According to the notice, the SEC has temporarily suspended both companies because of questions "regarding the accuracy of publicly available information about both companies' assets, acquisitions, business activities, control persons, securities offerings, and financing arrangements." A suspension is necessary for the protection of investors, the SEC says.

For Olie, the halt comes amidst a flurry of news releases and heavy trading. Since Nov. 4, 2013, the company has issued 24 releases, with many containing details of proposed acquisitions. The stock has traded about 1.4 billion shares in that time, at prices between 0.03 cent and 1.6 cents.

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The SEC halted trading after we submitted our findings as we disclosed in our article published just before Christmas, The OLIEphant In The Room

Posted by Pumps & Dumps at 2014-01-28 23:38

Robert Gardner!!! He is obviously still around. Reminds me of "The Eel" in the Malazan series.

Posted by Phat Dean unemployed again at 2014-01-29 15:55

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