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by Mike Caswell

China Loyal Investments Ltd., a corporate entity intertwined in the mortgage fraud case that Vancouver's Brent Pierce filed in the Supreme Court of British Columbia, says that the mortgages at the centre of the dispute may be rooted in a pump-and-dump. The mortgages are connected to a set of transactions that involved the transfer of shares in U.S. public companies, according to China Loyal. It also points out that Mr. Pierce has a regulatory history in the United States that includes a pump-and-dump.

The accusations from China Loyal come as part of an odd case in which Mr. Pierce says that he was defrauded of $11.5-million. He claims to have indirectly held mortgages over two properties, one in West Vancouver and the other in Surrey. He says that he lost the mortgages after his second cousin, a lawyer named Gary Clark, released them without permission. Mr. Pierce has since had to obtain an injunction that prevents any transfer of the properties.

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Brent Pierce

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