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Shell Summary for June 20, 2018

2018-06-20 21:17 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 751.25 Wednesday. Two shells began trading today. First, John Thompson and Azim Dhalla's first capital pool shell, Foremost Ventures Corp. (FMV), opened at 23 cents and closed at 17 cents on 69,000 shares. It listed following a $200,000 initial public offering at 10 cents through Chippingham Financial Group Ltd.

Mr. Thompson, 61, is the shell's chief executive officer. He was a floor trader on the Vancouver Stock Exchange in the 1980s. In 1998, he became the CEO of his father Norman's Union Securities Ltd. Eight years later, Union admitted to at least 13 examples of misconduct, including failing to supervise its brokers. It was fined $1.15-million by the regulators, and Mr. Thompson personally agreed to pay $250,000 to the B.C. Securities Commission to settle a complaint related to market manipulation by a Union Securities employee, Trevor Koenig. The BCSC permanently banned Mr. Thompson from being the "ultimate designated person" for Union, so he resigned as CEO, but he remained vice-chairman until 2012, when Union was acquired by PI Financial Corp. Mr. Thompson then joined PI Financial, where he remained for three years. More recently, from October, 2015, to October, 2017, Mr. Thompson was with Foremost Capital Inc., a Vancouver exempt market dealer co-founded by Mr. Dhalla.

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