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Cloud Nine Web3 Technologies Inc
Symbol CNI
Shares Issued 67,872,653
Close 2022-11-25 C$ 0.04
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Cloud Nine sues former president Fincham

2022-11-25 20:39 ET - Street Wire

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by Mike Caswell

Cloud Nine Web3 Technologies Inc., a technology listing on the Canadian Securities Exchange, has filed a lawsuit in the Supreme Court of British Columbia against its former president and a consultant, claiming that they misappropriated $300,000 of the company's money. The company claims that it paid the same finder's fee twice. It says that it did so at the direction of its then-president, Sefton Fincham.

The allegations are contained in a notice of claim that Cloud Nine filed at the Vancouver courthouse on Nov. 17, 2022. The defendants include Mr. Fincham, who was the company's president from April 1, 2021, until he resigned on Feb. 14, 2022. Also named is Vancouver businessman Matthew Schmidt and a numbered company that he controls.

The case centres on a finder's fee that Cloud Nine paid on March 8, 2021, to Mr. Schmidt as part of an acquisition. The company says that it paid the fee, of $300,000, with a wire transfer. The problem, as set out in the suit, was that Mr. Fincham falsely advised the company that the payment would not go through. He said that there was a problem with the instructions on the wire transfer.

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