BCSC cites Lim, Mugford for OTC-BB manipulation
2015-11-20 20:29 ET - Street Wire
Also Street Wire (U-URBF) Urban Barns Foods Inc
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by Mike Caswell
The B.C. Securities Commission has filed an administrative action against former Global Securities Corp. broker David Lim and one of his clients for a $4.5-million OTC Bulletin Board manipulation. (All figures are in U.S. dollars.) The BCSC claims that the men arranged the promotion of Urban Barns Foods Inc. in 2009. They sold millions of shares through offshore accounts as paid tout sheets boosted the stock to $1.27, the BCSC says.
The allegations are contained in a notice of hearing the BCSC released on Friday, Nov. 20. In addition to Mr. Lim, the regulator has named one of his clients, a B.C. man named Michael Mugford. Also a respondent is EuroHelvetia TrustCo SA, a Swiss entity.
The regulator cites the men for the promotion of Urban Barns, an indoor farming venture that they took public in 2009 through a merger with a purported mining company, HL Ventures Inc. The men's plan, as described by the BCSC, was to promote the stock while having EuroHelvetia sell the shares. They would use some of the proceeds to pay for the promotion and to cover the $100,000 they paid for HL Ventures, the BCSC claims.
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After 30 years as a broker, did Lim not know that only the regulators are guaranteed to make money through good times and bad times. They will still get there pensions when they retire while charging 20,000 per month while they pursue British Columbians who are not even doing business in BC. Christy wake up and smell the coffee, this is why British Columbians are not doing business in BC and now your BCSC is pursuing British Columbians who are not even doing business in BC. This is why BC will never succeed in getting even a single LNG plant up and running in BC. Christy get rid of the dead wood in BCSC and start fresh if you want new jobs here in BC. Christy use the same review process as your government used on the ALR Commission to clean the bureaucratic empire building within the BCSC.
Posted by super global regulator at 2015-11-22 23:57
Here are the exact salaries the executive took in BCSC for the year ending mar 31, 2015. These people pay each others wages for example Brenda writes all the cheques while the commissioners approve all expenditures then the commissioner`s cheques are written by Brenda. This is an inward looking government organization as independence, objectivity and transparency is thrown out the window. Is this not contrary to public interest and the securities act. But then again BCSC operates with impunity.
Executive Commissioners
Chair Brenda M. Leong $ 499,251
Vice Chair Nigel P. Cave(2) 329,516
Senior Management
Executive Director Paul Bourque 390,293
Director, Enforcement Teresa Mitchell-Banks 283,824
Director, Corporate Finance Peter Brady 268,729
Position(3) Name Fees Other(4)
Independent Commissioners
Commissioner Judith Downes $ 140,100
Commissioner Chris Farber 56,175
Commissioner George C. Glover, Jr. 128,213
Commissioner Audrey T. Ho 127,175
Commissioner Gordon Holloway 68,575
Commissioner Don Rowlatt 96,675 127
Commissioner Suzanne K. Wiltshire 143,550
Retired Commissioners 4,500
F
Posted by pissed of British Columbian at 2015-11-23 00:31
just like chrystia freeland spinning her religion on HBO the other nite with false facts, innuendo and persuasive misleading generalizations ie. no brainer usuage
Posted by same principal at 2015-11-23 08:34
Read OIPC BC Order F15-08. https://www.oipc.bc.ca/orders/1760 and OIPC Order F14-24. https://www.oipc.bc.ca/orders/1668 These two Orders by the BC Privacy and Information Commission clearly show that BCSC staff will intentionally with hold evidence. Read it for yourself and be the judge. All stakeholders in the public markets sleep with one open. The wolves are now guarding the hen house.
Posted by bottomfisher at 2015-11-23 16:14
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