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by Stockwatch Business Reporter
The TSX Venture Exchange lost 2.47 points to 829.47 Thursday.
John Thompson and Azim Dhalla have filed a preliminary prospectus to list their first capital pool shell, Foremost Ventures Corp. The shell plans to sell a $200,000 initial public offering at 10 cents through Chippingham Financial Group Ltd. Foremost Ventures has two million escrowed shares, which it sold at five cents in November. Mr. Thompson, Mr. Dhalla and the shell's two other directors each hold 500,000 of the escrowed shares.
Mr. Thompson, 61, is the shell's chief executive officer. In 1982, he joined his father's Union Securities Ltd. as a floor trader on the Vancouver Stock Exchange. Eventually, in 1998, he became the CEO of Union Securities, and he probably has many stories worth not telling. In 2006, the brokerage admitted to at least 13 examples of misconduct, including failing to supervise its brokers. It was fined $1-million by the Investment Dealers Association of Canada and another $150,000 by Market Regulation Services (these two regulators have since merged to become the Investment Industry Regulatory Organization of Canada). As for Mr. Thompson, he agreed to pay $250,000 to the British Columbia Securities Commission to settle a complaint related to market manipulation by a Union Securities employee, Trevor Koenig, who pleaded guilty in the United States to conspiracy to commit securities fraud. Mr. Koenig was permanently banned from the B.C. capital markets, while Mr. Thompson was permanently banned from being the "ultimate designated person" for Union Securities. After stepping down as the firm's CEO, Mr. Thompson remained its vice-chairman until 2012, when the brokerage was acquired by PI Financial Corp. Mr. Thompson then joined PI Financial, where he served as a vice-president for three years. More recently, from October, 2015, to October, 2017, Mr. Thompson worked at Foremost Capital Inc., a Vancouver exempt market dealer co-founded by Mr. Dhalla.
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