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by Stockwatch Business Reporter
The TSX Venture Exchange lost 5.06 points to close at 578.38 Wednesday.
James Cassina has filed a new preliminary prospectus to list his second capital pool shell, Good2Go2 Corp. The shell still plans to sell a $225,000 initial public offering at 10 cents through Haywood Securities Inc. The reason for the new prospectus is that the shell has added two directors, James Longshore and William Kanters.
Mr. Longshore, 52, lives in the Bahamas. Many years ago, he went by the name James Pincock, and under that name, he got into a little bit of trouble with the Ontario Securities Commission. According to the OSC, Mr. Pincock used three offshore companies to buy private placement shares in at least seven penny stock promotions between 1995 and 1999. He then improperly broke up the share purchases into smaller chunks for at least 150 small investors. Besides this, Mr. Pincock forgot to file a prospectus and forgot to register as an investment adviser or portfolio manager. He received, in total, more than $1.45-million and $550,000 (U.S.) from the small investors, earning commissions of almost $140,000 and $81,000 (U.S.). Among the seven identified penny stocks was an Alberta Stock Exchange-listed oil and gas junior, Pacific Concorde Capital Inc., of which Mr. Pincock was a director and the president. In 2002, Mr. Pincock settled with the OSC. It banned him from trading and from being a public company director for five years. It also made him pay $20,000 for costs. Mr. Pincock then lay low.
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