The Vancouver Sun reports in its Wednesday edition Erwin Speckert, the Swiss fiduciary who is in trouble with police and securities regulators, has maintained a close relationship with Port Coquitlam stock promoter James Alexander Michie. The Sun's David Baines notes the B.C. Securities Commission has accused Mr. Speckert of funnelling millions of dollars to an Abbotsford man, Colin McCabe, to secretly promote dubious stocks quoted on the OTC-BB in the United States. A hearing is pending.
Mr. Speckert is closely associated with Mr. Michie, 49, who has played a role in many dubious promotions but has never been accused of wrongdoing by regulators.
The pair arranged financing for a variety of OTC-BB promotions. In 1999, Mr. Michie divorced his wife, Jodi Lynn Waters. They subsequently reached agreement on a division of assets.
However, in 2005, Ms. Waters filed a petition in B.C. Supreme Court alleging Mr. Michie had hidden assets in offshore accounts, which he had used to acquire two properties after settling on their marital assets. One of the properties was in Pitt Meadows worth $2.53-million. Consequently, she claimed a half-interest in both properties and more child support. Mr. Michie said Mr. Speckert was the true owner, but Mr. Speckert testified he was not the true owner. In B.C. Supreme Court, the judge found that Mr. Michie had "put false material before the court" concerning the Pitt Meadows property, and that he had been the beneficial owner all along.
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