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Moag Copper Gold Resources Inc
Symbol MOG
Shares Issued 71,251,333
Close 2015-10-06 C$ 0.08
Market Cap C$ 5,700,107
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Moag claims director misappropriated $865,919

2015-10-07 16:01 ET - Street Wire

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by Mike Caswell

Moag Copper Gold Resources Inc. has filed a lawsuit in the Supreme Court of British Columbia against one of its directors, Bradley Jones, claiming that he misappropriated at least $865,919 from the company's bank account. According to the suit, Mr. Jones took the money and then tried to cover up his actions by having the auditors record part of it as loans to the company's president. Moag is seeking appropriate damages.

The allegations are contained in a notice of claim the company filed at the Vancouver courthouse on Oct. 5, 2015. The suit identifies Mr. Jones as a chartered accountant who lives in Toronto. He has been a director and officer of the company since its founding in 2009. He has signing authority on the company's bank account and can transfer money out of that account on his own.

Moag does not say when Mr. Jones misappropriated the money or what he did with that money. The lawsuit simply states that as of March 15, 2015, he had taken $865,919 from the company's bank account and redirected it "to his own use and benefit." He did so without any authorization, according to the suit.

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