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by Mike Caswell

The defamation trial of Aly Nazerali versus Deep Capture and others heard on Thursday afternoon about "horrendous losses" that investors suffered from the First Commerce boiler room in the 1980s. It also heard Mr. Nazerali testify that he was never charged in connection with those losses. Other events covered in the afternoon included Mr. Nazerali's involvement in Even Resources Ltd., a company that went to $1.20 amidst a deal in Saudi Arabia that failed to materialize.

The testimony Thursday came as part of a lawsuit that Mr. Nazerali is pursuing against the Deep Capture website, which purports to expose fraud. He complained that the website published several "chapters" in 2011 that associated him with market manipulators and other nefarious figures. It also accused him of running a pump-and-dump with a TSX Venture Exchange company, Imagis Technologies Inc., he complained. The defendants include Patrick Byrne, the short-selling conspiracy theorist who runs Overstock.com Inc. and Deep Capture. Also a defendant is journalist Mark Mitchell. The men contest the allegations and are fighting the case.

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