BCSC reaches deal with Callaghan
2015-10-27 16:14 ET - Street Wire
See Street Wire (C-*BCSC) BC Securities Commission
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by Mike Caswell
The B.C. Securities Commission has imposed a one-year ban and a $30,000 fine on Frank Callaghan for violating the rules surrounding the reporting of resource estimates. The breach occurred when he reported a massive 10.6-million-ounce indicated resource at Barkerville Gold Mines Ltd.'s Cow Mountain project. The company later had to reduce that estimate to 1.04 million ounces.
The sanctions against Mr. Callaghan are contained in an order and agreed statement of facts the BCSC released on Tuesday, Oct. 27. The order bars Mr. Callaghan from serving as an officer or director of any public company and from engaging in investor relations for one year. He must also complete a course on the requirements of National Instrument 43-101, the rules governing the reporting of mineral resource estimates.
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| BARKERVILLE GOLD MINES |
| Frank Callaghan |
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Wonder if the BGM shareholders are on the hook for that $30,000 fine in addition to the legal fees?
2015-06-30 12:22 ET - Street Wire
See Street Wire (C-*BCSC) BC Securities Commission
by Mike Caswell
"...News of the possible investigation is contained in a tiny snippet found deep in Barkerville's annual financial results, filed on Thursday, June 25. In the notes to those statements (on page 41 of 50) the company discloses that it will reimburse its former CEO for "all the ongoing legal fees related to BCSC claims against the former CEO." The note does not say who that former CEO is, but it could it could only be Mr. Callaghan..."
Posted by Harpinder at 2015-10-27 16:44
"...the company discloses that it will reimburse its former CEO for "all the ongoing legal fees related to BCSC claims against the former CEO." The note does not say who that former CEO is, but it could it could only be Mr. Callaghan..."
That must be why Callaghan is smiling.
Posted by Just Me at 2015-10-28 10:18
Well I guess that's Frank all over just very enthusiastic about what BGM has and it must have substantial reserves or why else would a very well known mining billionaire become the largest shareholder ? Frank always treated people well and made sure his people were taken care of enough said
Posted by sequential at 2015-10-28 12:00
@sequential
"Frank always treated people well and made sure his people were taken care of enough said"
Too true, Just look at the money paid over the decades to J Frank, his family and his companies. Well taken care of, indeed.
But what about retail shareholders?
An initial investment of $10,000 in 1992 would now be worth $1.20 (5 shares at 24 cents).
Carpenter Lake (CTA) became Wayside Gold (WAY) in 1992, and rolled back its shares on a one-for-four basis. Ten thousand shares became 2,500 shiny, new shares.
Wayside Gold Mines (WAY) became International Wayside (IWG) in 1994 and rolled its shares back on a one-for-3.7 basis. Those 2,500 shiny, new shares now became 675 tiny, shiny, new shares.
In 2005, the shares were rolled back on a one-for-10 basis. Those 675 tiny, shiny, new shares now became 65 weeny, tiny, shiny, new shares.
In 2009, the shares were again rolled back on a one-for-10 basis. Those 65 weeny, tiny, shiny, new shares now became 5 teeny, weeny, tiny, shiny, new shares.
Posted by harpinder at 2015-10-28 13:10
Perhaps he should have changed his name to Callaghan-Singh ????? probably more
appropriate no
Posted by SEQUENTIAL at 2015-10-29 11:41
So frank or one of his trolls is posting under the name Sequential and throwing out racial slurs. Why is this not surprising? Look at his history. Talk to the people who have worked for him. As a repeat offender to get a slap on the wrist is just appalling.
To use these vehicles as a printing press for his personal accounts and then worry about the share price after the fact (because he doesn't make his $ on the share price like normal presidents do) is neglect. Then when the party runs out he rolls back and starts another party.
Posted by investor at 2015-10-29 14:30
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