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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 2:27:12 PM

By: more you say


SEC target Switzer rolls L-Air down the runway

Securities and Exchange Commission *SEC
Wednesday February 19 2003 Street Wire
Also L-Air Holding Inc (U-LAIR) Street Wire


by Brent Mudry
In the latest intriguing U.S. penny stock promotion gearing up for takeoff, Toronto-based L-Air Holding is rolling down the runway for the April launch of its Belgian airline, pushed along by regulatory target-tout John Robert Switzer of Los Angeles, an associate of regulatory target Mark Bergman and disbarred Los Angeles lawyer Regis Possino.
L-Air, also called L.Air, calls itself a French airline, supposedly the first budget carrier which will operate between France, the Caribbean, West Africa and "the American Continent." The concept airline, not yet airbound, misses few chances to describe itself as the next Jet Blue, after Jet Blue Airways, the successful discount upstart serving the U.S. domestic market.
Mr. Switzer confirms he knows Mr. Possino, but denies the former jailed lawyer has any involvement in the L-Air promotion. "Not that I know of," he replied. Mr. Possino and Mr. Bergman are best known as significant players in the recent General Commerce Bank affair, an Austrian-Belgian boiler room scandal featuring fugitive Thai financier Rakesh Saxena, Saudi arms merchant Adnan Khashoggi and a star-studded cast of other colourful characters.
Mr. Switzer, eager for positive press, gave Stockwatch a sneak preview of several big news announcements he is working on with L-Air, including a pending $20-million financing. (All figures are in U.S. dollars.)
The L-Air head tout warns, however, that he will deal harshly with any unflattering coverage. "I won't work in your favour. I will bring a defamatory lawsuit," says Mr. Switzer. "I deal with bad press in a lot of different ways ... I will sic an attorney on you."
Mr. Switzer issued his stern warning after being asked questions about his relationship with Mr. Bergman, a current target of the United States Securities and Exchange Commission in a Toronto deal, and his own time behind bars.
While the Los Angeles tout suggested a reporter had done something criminal by ferreting out his regulatory and corrections history, such records are public.
Mr. Switzer had the misfortune of being targeted by the SEC in October, 1998, when the regulator rounded up 44 Internet touts and touting companies in its first nationwide Internet sweep. The SEC prosecuted him and three other Southern California defendants: Brian Volmer, International Alliance Trading Inc. and Sun Pacific Capital Group Inc. for accepting stock and cash payments for promoting penny stock companies in newspaper advertisements and the Investors Edge Web site.
In a civil complaint filed in United States District Court for the Central District of California, the SEC alleged that Mr. Volmer touted Cetacean Industries Inc., a company which claimed to be a diamond explorer in Brazil, through ads in Investor's Business Daily crafted to look like independent research reports, while Mr. Switzer assisted him in touting several penny stocks, including Juina Mining Corp., which vended in Cetacean's Brazilian assets, on Investors Edge, a Web site run by Mr. Volmer.
The SEC won a $600,000 judgment against Mr. Volmer in court in October, 2000, upheld on appeal last year. The California tout was ordered to pay $296,429, representing both his compensation and trading profits, a civil penalty of the same amount, and interest.
Mr. Switzer got off considerably easier. In a consent settlement finalized in court in February, 2000, he was permanently enjoined from future securities violations. Mr. Switzer skated off without any fine, based on his plea of poverty in his sworn financial statement.
"The Court does, however, note the appropriateness of a civil penalty in this instance. The determination that Switzer is unable to pay a civil penalty is contingent on the truthfulness of the representations in the Financial Statement," stated the final judgment. "The Commission may, at any time following entry of the Final Judgment, petition the Court for a hearing to reconsider the defendant's inability to pay a civil penalty if the Commission obtains information from any source that the Financial Statement was inaccurate in any respect."
Mr. Switzer had a rather unusual mailing address for his court papers -- Centinella State Prison in Imperial, Calif. The penny stock tout was welcomed as a guest of this exclusive gated community, hosted by the California Department of Corrections, on Aug. 13, 1999, after he was sentenced that July 28 to one year and four months for an offence called "disregard for safety."
The prosecution, handled by the District Attorney's Office for Los Angeles County, was a humdinger, related to a DUI, or drinking under the influence, offence which involved evading an officer.
Mr. Switzer confirms the details, and points out that while it was his second impaired driving offence, he has now been sober "for a number of years." "It was my second DUI and I was doing over 150 miles per hour," the penny stock tout told Stockwatch. He notes his high-speed chase, in a Turbo Porsche, took place on I-5, the north-south interstate highway. "The police weren't too impressed."
The promoter, however, claims his days as an outlaw speed demon are long past, and he has done his time, serving seven months in jail. "My background is my background. It is none of your business," he said hopefully.
Mr. Switzer is quite keen to talk up L-Air, one of several stock promotions he is currently working. He notes the company hired him to do investor relations and public relations. He works out of the offices of a company called "Capital Consultants."
"They've done a $20-million private placement which is pretty well closed out," offers the tout.
"There is a bunch of stuff to come out (soon in press releases) ... I do a lot of the writing for them," he told Stockwatch.
According to Mr. Switzer's spiel, L-Air will send its first two charter jets down the runway in April, and both can be operated for 120 hours per week. "They're getting paid about $350,000 for 40 hours" by charter operators, he notes. Assuming some downtime, he says that at two-thirds time capacity, L-Air will be pulling in $1.5-million per week in revenues.
The story takes off from there. L-Air, says Mr. Switzer, has three other planes in the works, with agreements in place with Boeing for reconditioned jets from Singapore Airlines, to be staggered into operation this summer through early fall. "I have seen all the contracts," he says. The only thing holding L-Air back, he says, is getting approval in Belgium for L-Air's transfer of the licence for Belgium Universal Airlines, which should come soon. "We are just waiting for the air operating certificate."
The stock, trading at just 20 cents, sounds like a steal if the spiel pans out. "A correction valuation is somewhere between $4 and $5," says Mr. Switzer. He points out that he is a picky man, and he only gets involved in good deals. "There are too many deals there is no future with. You can only talk about a company so long before you have to perform."
L-Air's captain of the talk waves notes the company has a number of press releases in the works. "There is a lot of stuff going on," he says. L-Air should announce an on-line ticketing promotion in the next couple of weeks as part of what he calls an "on-line marketing push."
Although still just a tiny company, L-Air has come a long way in a short time.
Until last September, the company was based in Vancouver and called Superior Networks Inc., a shell in the stable of Howe Street promoter Robert Rosner. Mr. Rosner sold his control block of 15 million shares to L-Air president Alexander Goldman, who moved the company's headquarters to Toronto. Although Mr. Goldman is described as a French resident, he maintains offices in Toronto.
L-Air features quite a cast. Mr. Switzer says the company is "backed" by Universal Capital Partners. (Other documents suggest Universal Capital has a 36-per-cent stake, although this has not been verified by securities filings yet.)
Besides its current 20-cent stock price, this might be the first indication that L-Air is indeed a low budget operation. In a convenient cost-cutting measure, it and Universal Capital share the same office, suite 3670 at 130 King St. West. This building, the Exchange Tower, is a Bay Street landmark, housing the Toronto Stock Exchange, amongst other tenants.
Despite its grandiose name, Universal Capital Partners is not yet in the top tier of Bay Street firms. At this point, it says it specializes in "unique investor relations situations." "Our boutique size assures that our senior executives are intricately involved in all client relationships," states the company on its Web site.
"We bring a distinct edge to traditional North American investor relations: we include European audiences and investment opportunities. We also stray from convention for our clients looking for methods of going public, by offering our expertise in facilitating reverse mergers."
Besides L-Air, the only other "client" noted on Universal Capital's Web site is Blue Industries Inc., a French-flavoured penny stock promotion which claims to be a "global leader in the field of safe drinking water" through its proprietary technology. Blue also hopes to be a big shaker and mover in the global shrimp market.
Last June the company opened a manufacturing plant in the suburbs of Bangkok to build its proprietary water treatment units for Thai shrimp producers. Less than a month earlier, the ambitious company welcomed a new major shareholder, based in the secretive offshore enclave of Gibraltar. Blue traded 9.75 million of its shares, a 33-per-cent stake, to Advanced for "raw materials" valued at $1.17-million, or 12 cents a share.
L-Air's most exciting development took place on Feb. 5, when it announced a consulting agreement with Geneva Equities Ltd., a Los Angeles company. "Geneva Equities Ltd. will contribute to funding, analyzing, structuring, negotiating and financing business acquisitions, joint ventures, alliances and other desirable projects of great value to the Company and its shareholders," states L-Air.
"In order to facilitate the goals of the company, Geneva Equities Ltd. shall develop and implement a Public Relation program developing investor relations through the use of multi-media technology, with the goal of enhancing market awareness of the Company for the benefit of shareholders."
In an amazing coincidence, a company with Geneva's identical name was incorporated in Nevada on Oct. 5, 2001, showing Mr. Possino as president. (Mr. Switzer confirms he knows Mr. Possino, but denies he has any involvement in L-Air.)
Authorities also know Mr. Possino, who operates out of Santa Monica, Calif., quite well. The disbarred lawyer, active in a number of international penny stock deals in recent years, was a major behind-the-scenes player in the General Commerce affair.
Mr. Possino is one of those colourful characters who suffer misfortune after misfortune, but keep bouncing back in big-league cases. The State Bar of California disbarred him about 17 years ago, just because of his entrepreneurial moonlighting in the marijuana industry, which it called "a crime involving moral turpitude," and a few other youthful indiscretions.
Mr. Possino wasted little time making a name for himself after being admitted to the bar in 1972. A mere four years later, in 1976, he was privately rebuked for wrongfully causing an employee to make a false notarial declaration. This was peanuts, however, compared with his antics in 1975. In November and December of that year, the budding young lawyer attempted to sell some marijuana to undercover Los Angeles police officers, a mere 350 pounds of the weed.
That November, Mr. Possino had offered to sell 1,000 pounds, or half a ton, of pot to the officers, but they suggested they could only handle a smaller amount. During several meetings over the following few weeks, Mr. Possino negotiated the deal, delivered samples of his merchandise, and calculated that his profit on 350 pounds would be about $38,500, which is not bad pay, even for a lawyer. Once Mr. Possino had his buyers on the hook, he sought to up the ante and diversify his merchandise. During the marijuana negotations, he sought to buy some cocaine from the undercover officers.
"He told the officers that he was an attorney and was acting on behalf of several groups who could purchase eight to 10 kilograms of cocaine twice a month at a price of $34,000 per kilo. However, these negotiations ended when one of the undercover officers said he would not be able to obtain any cocaine until Christmas," states a disbarment document filed in the Supreme Court of California.
While these dealings might sound ambitious, this was just the beginning. At one of the meetings, Mr. Possino offered to sell $5-million worth of stolen treasury bills or bearer bonds to the undercover agents. "At a subsequent meeting, the officers brought along an undercover agent of the United States Treasury Department, introducing him as a cousin of one of the undercover narcotics officers and a dealer in stolen securities," states the document.
Although Mr. Possino and the treasury agent negotiated a purchase price of 20 cents on the dollar, the young lawyer never came through with the goods, and later told the agent he had negotiated a better price with another buyer. Through this big-league negotations, Mr. Possino represented himself as an attorney and produced identification as a deputy or former deputy of the Los Angeles District Attorney's office. (He was a former deputy by this time.)
During his subsequent drug trial, Mr. Possino was locked up after he accidentally bumped into a juror at a restaurant and chatted her up, something U.S. judges frown upon. (In Canada, a defendant once slept with a juror, and later, that also was frowned upon.) Mr. Possino was subsequently convicted in 1978 in the drug case, given a one-year term of imprisonment in county jail and put on probation for five years with various conditions. Mr. Possino was later disbarred.
While Mr. Possino was recently replaced as president of Geneva Equities, his aura lingers on. The company's new corporate secretary is Pearl Asencio, who played roles in two promotions linked to Mr. Possino or his associates: Thaon Communications Inc. and Castpro Inc.
In the serendipity of the penny stock world, that brings us back to Mr. Bergman, a close associate of Mr. Possino. Mr. Switzer confirms he previously worked with Mr. Bergman at Pacific Growth Equities. "I can show you my resume," he says.
Mr. Switzer's bio states that he worked as an "institutional research analyst" at Pacific Growth from 1990 to 1993. "Worked as junior analyst for leading small cap telecommunications analyst, Mark Bergman," states the resume.
More recently, in 1998, as an "independent" analyst, Mr. Switzer wrote a glowing research report, for which he was paid, about Conectisys, a penny stock promotion linked to Mr. Possino. At the time of the report, the stock was trading at $3.38, midway in a 52-week range of 90 cents to $5.88. Mr. Switzer gave a target price of $20 to $25 based on projected 2000 earnings per share. At the time, Conectisys had a modest book value of seven cents per share.
According to Mr. Switzer, Mr. Bergman, like Mr. Possino, is not involved with L-Air in any way. This is a good thing as the airline prepares for takeoff; Mr. Bergman carries heavy baggage these days.
Last August, Mr. Bergman was the sole American named by the SEC in its kickoff prosecution of a major international boiler room network. The rest were Canadians, including two Ontario lawyers.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 2:24:10 PM

By: related securities?????????????

SteinMorgan International Ltd
Gives an address of:
Plaza DM, 21st Floor #2102,
Kav. 24-25, Jl. Jend. Sudirman,
Jakarta 10220, Indonesia
>Last known to be working out of Sharjah in the United Arab Emirates (VRI: See the address in the posting below)
>also known as: SMI Private Equity and Roth Ventura
>Companies and entities alleged to be associated with SteinMorgan: Televend, Cash Express, Imsure, Instabanc and Inteletech, Access Corp., Samaritan Pharmaceuticals aka Steroidogenesis, Integrated Communications Network, Titan Motorcycles, Asia4Sale, iVideoNow aka DIGS Inc., eSAT Inc., SkyFrames, Accupoll, Clear Credit, Junum, Miod & Company, First Capital Network, Worldwide Insurance Consultants, Ziassun, Oxford Management Group, Momentum Internet, Momentum Campaigns, PINMail, Pacific Capital Group, Gemini Capital Group, Pacific Continental Securities, Stuart P. Kastner and Associates, Cromwell Invesments, Dolok Permai, Zetland Group.
>Individuals alledged to be associated with SteinMorgan: Bryan Cragun, Jack Flader, Anthony Tobin, David Coulter, Chett Noblett, Steve Lyon, Janet Greeson, Eugene Boyle, Nick Bingham.

We have in our permanent files some 25 pages of website posts and complaints about the firm that were removed in make space on this website. If you wish to review them please email info@vcresearch.info

For more information on these firms see "Investment Articles Forum - International Boiler Rooms" on this website, which includes our own conclusions as well as the U.S. Securities and Exchange Commission warnings on these firms.

For a combined list of these firms from the various ageny websties see the "Archives Forum on this website."


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 1:15:40 PM

By: akiva

Steve Taub is a long time crim broker.He used to work at Merit Investments taking grease.Word is he would short his own clients and take grease on the cover.Research Capital had had it with this crim and sent him packing to the IDA.He now owns a transfer agent and is up to no good.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 12:56:57 PM

By: nevis

Taub’s Involvement with Rakesh Saxena
10. During the Material Time, Taub opened numerous accounts at Brant Securities Ltd.
(“Brant”) for the following individuals and entities:
a. Tidewater Management Corp., (“Tidewater”), a corporate entity controlled by
Rakesh Saxena, (“Saxena”). Saxena was referred to Taub by another one of
Taub’s clients, Harvey Rubenstein (“Rubenstein”);
b. Amrit Sarup, (“Sarup”) who is Saxena’s mother. Saxena had trading authority
over Sarup’s account;
c. Rubenstein;
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d. Ivan Cavric, (“Cavric”) a business associate of Saxena and Rubenstein whom
Taub considered to be the “dealmaker” for these individuals;
e. Fred Kimber, (“Kimber”), a business associate of Cavric.
f. Americo de Rosa, (“De Rosa”), a business associate of Cavric.
g. Join Kind Ltd., (“Join Kind”), a corporate account over which Saxena had trading
authority.
11. Tidewater, Saxena, Sarup, Rubenstein, Cavric, Kimber, Rosa and Join Kind engaged in
trading activity which appeared to be or was consistent with market manipulation or
deception. Trading activity in the securities of Wavetech Networks Inc. (“Wavetech”),
Millenium Equities Limited (“Millenium”), Digital Cybernet Corporation (“Digital”) and
Armac Capital Corp. (“Armac”) exhibited characteristics that should have caused to Taub
to ensure that the trading activity was not manipulative or deceptive.
12. Each of Wavetech, Millenium, Digital and Armac traded on the former CDN market in
Canada. The pattern of trading activity involved the delivery in of a large quantity of
physical share certificates by Cavric or one of his associates to accounts at Brant. These
physical certificates would represent anywhere from 35 to 45% of the issued and
outstanding shares. The certificates would then be transferred to other accounts at Brant
or other Member Firms, but controlled by the same individuals. The transfers would take
place by way of journal entries or by way of buy-sell transactions.
13. Furthermore, many of the transfers of Wavetech, Millenium, Digital and Armac shares
constituted distributions from control block positions which did not comply with the
requirements of the Ontario Securities Act regarding control block distributions.
14. By facilitating this activity, Taub failed in his duties to act as a gatekeeper for the
securities industry.
Taub’s Involvement with May Joan Liu
15. During the Material Time, Taub opened certain accounts at Brant which were connected
to an individual named May Joan Liu (“Mrs. Liu”).
16. Between July 1997 and April 1999 Taub opened accounts (the “Brant Liu-Related
Accounts”) for:
a. Mrs. Liu in her personal capacity;
b. her husband, Stephen Liu (“Mr. Liu”), over which Mrs. Liu had trading authority;
c. Palisades Financial Ltd. (“Palisades”), a corporate account controlled by Mr. Liu;
d. Mo Ching Chan, Mrs. Liu’s mother and a resident of Hong Kong;
e. Compte de Sierge Accomodative Corp. (“Compte de Sierge”), a Panamanian
corporate account over which Mrs. Liu had trading authorization; and
- 7 -
f. YENN Asset Management, a seemingly unrelated company which was referred to
Taub by Mr. Liu, but for which Taub’s sales assistants’ rolodex indicates Mrs.
Lius as the contact person.
17. Commencing in November 1998, the above-noted accounts engaged in trading activity in
two OTC-BB traded securities:
a. Factory 2U Stores Inc. (formerly known as Golden Spirit Minerals, formerly
known as 2U Online Dotcom Inc., formerly known as Power Direct Inc.); (“2U
Online”) and
b. Avalon Gold Corp. (formerly known as Asdar Group Inc., formerly known as
Asdar Inc., formerly known as Iceberg Brands Corp., formerly known as Precise
Life Sciences Ltd.), (“Precise Life”).
18. 2U Online owns more than ten percent of Precise Life. The telephone number for Precise
Life is Mrs. Liu’s office telephone number. The telefax number for 2U Online is Mrs.
Liu’s telefax number.
19. The pattern of trading activity in Brant Liu-Related Accounts was similar. Large blocks
of physical share certificates of 2U Online and Precise were received into the accounts.
Once received, the shares were actively traded in the open market. Hundreds of
transactions were conducted in such fashion that no payment was ever required for the
purchases.
20. These transactions continued through the Brant Liu-Related Accounts until October 2001
when Taub transferred his registration to Research. Accounts were opened for each of
the above-noted clients at Research (the “Research Liu-Related Accounts”). Trading
authority was identical for the Research Liu-Related Accounts as the Brant Liu-Related
Accounts with the exception of Compte de Sierge, which did not provide trading
authority to Mrs. Liu.
21. In January 2002, when Research compliance personnel required Taub to close his B.C.
accounts, the shares of 2U Online and Precise Life in the Research Liu-Related Accounts
were transferred to various other Member Firms.
22. Shortly after closing the Research Liu-Related accounts, Taub opened two new off-shore
corporate accounts in the Cayman Islands, (the “Cayman Accounts”). The signatories,
addresses, telephone numbers and telefax numbers for these two Cayman companies are
the same as for YENN Asset Management. Within a few weeks the shares of 2U Online
and Precise Life were received in from other Member Firms to the Cayman Accounts.
23. Furthermore, Taub was responsible for placing Mrs. Liu in touch with Stephen Marek,
(“Marek”), who describes himself as the “Volume King”.
24. On September 28, 2001 and October 10, 2001, Taub placed long distance calls to Marek.
On October 10, 2001, Taub received an e-mail response from Marek describing his
- 8 -
standard fee and suggesting to Taub that he could “add whatever he felt the client could
pay” on to his standard fee.
25. On May 10, 2002, Taub placed a long distance call to Marek. On May 11, 2002, Marek
sent an e-mail to Liu in which he makes reference to the referral from Taub and also
comments that “[Precise Life] is an interesting stock” and that the price “is essentially
stuck between 0.33 and 0.39”.
26. Trading activity in 2U Online and Precise Life continued in the Research accounts until
November 2002 when, in response to questions raised by an IDA Sales Compliance
Review, Research compliance personnel required these accounts to be closed.
27. Throughout this entire period, Taub and his sales assistants placed over 880 calls to Mrs.
Liu, however, no calls were made to Panama regarding Compte de Sierge trading
activity. When Taub was required by Research compliance personnel to close the
accounts, he did not contact anyone in Panama. He did, however, at this time, place a
number of calls to Mrs. Liu’s cell phone number.
28. By facilitating this activity, Taub failed in his duties to act as a gatekeeper for the
securities industry.
Taub’s Involvement with Regis Possino and Phillippe Hababou (a/k/a Phillippe Solomon)
29. During the Material Time, Taub was involved in a series of transactions regarding L’Air
Holdings Inc. (“L’Air”), a company whose securities trade on the OTCBB. L’Air was
formerly known as Superior Networks Inc., (“Superior Networks”).
30. Also involved in the series of L’Air transactions are the following individuals:
a. Phillippe Hababou (a/k/a Phillippe Solomon, a/k/a Haim Hababou), (“Hababou”);
b. Regis Possino, (“Possino”), a personal friend of Taub and resident of the United
States;
c. Frank MacKay, (“MacKay”);
d. Nazim Gallani (“Gallani”), a personal friend of Taub and a B.C. resident; and
e. John Switzer (“Switzer”), a U.S. resident who has been disciplined by the SEC for
promoting penny stocks on the internet.
31. On or about January 8, 2003, Taub opened the following accounts at Research:
a. Geneva Equities Ltd., (“Geneva Equities”), a Panamanian company apparently
connected to Possino;
b. Phillippe Solomon in his personal capacity; and
c. Universal Capital Partners Corp., (“Universal Capital”) a corporate account
controlled by Hababou/Solomon.
- 9 -
32. Prior to the opening of the above-noted accounts, in October 2002, Superior Networks
shares were crossed in accounts for which Taub was the registered representative,
including his mother’s corporate account, Monmouth Consulting Inc. and Verdun
Investments Ltd. No cash was deposited into these accounts in furtherance of the
transactions.
33. On January 15, 2003, within one week of the accounts being opened, Taub received by email
transmission from Possino, a draft copy of a Consulting Agreement as between
L’Air and Geneva Equities. Taub was asked to provide any questions or comments and
Possino noted that they “were anxious to move ahead”.
34. On January 21, 2003, Taub received a second e-mail form Possino with the draft
Consulting Agreement and the advice that “$50K for Harry and everyone’s a happy
camper”.
35. On January 23, 2003, Taub forwarded the draft Consulting Agreement to his assistant.
Minutes later, phone logs show that Taub contacted Possino’s telephone number in
California.
36. Over the next two weeks, trading activity occurred in the Solomon and Universal Capital
accounts which appeared to be or was consistent with market manipulation or deception.
37. Also during this time period, between February 11 and 25, 2003, Taub contacted Switzer
in the U.S. on more than 25 occasions. Switzer was responsible for public relations and
promotions of L’Air in the U.S.
38. On February 26, 2003, Research compliance personnel discovered that the Geneva
Equities account was apparently connected to a company of the same name in California
whose president (Possino) was a former lawyer who had been disbarred for drug
trafficking. Research compliance personnel advised Taub that only sales at low volume
of L’Air shares would be permitted or that the L’Air shares could be delivered out to
another firm.
39. On February 27, 2003, Research compliance personnel learned further that Universal
Capital was an investor relations firm for L’Air. Accordingly, Research compliance
personnel prohibited any buying or selling of L’Air securities by Solomon, Universal
Capital or any one connected to it.
40. On February 26 and 27, 2003, Taub made 12 calls to Possino in California and no calls to
Geneva Equities in Panama.
41. Shortly after the trading in L’Air was stopped by Research compliance personnel, the
volume of transactions and price of L’Air shares collapsed.
42. By facilitating and participating in this activity Taub failed in his duties to act as
gatekeeper for the securities industry.
- 10 -
Taub’s Involvement with FIDRA Holdings and Iain Brown
43. During the Material Time, Taub opened off-shore corporate accounts at Brant for an
individual named Iain Brown (“Brown”) in the name of FIDRA Holdings Ltd., FIDRA
Holdings Ltd. 001, FIDRA Holdings Ltd. #2, FIDRA Holdings Ltd. #3 and FIDRA
Holdings Ltd. #4, (collectively , “FIDRA”).
44. Taub routinely accepted hundreds of cheques from third parties for deposit into the
FIDRA accounts. Over a 14-month period, Taub wired a total of $8,700,000 from the
FIDRA accounts to its off-shore bank accounts.
45. Taub made no, or minimal, efforts to determine the economic basis for the wire transfers.
His only knowledge was that he “believed the accounts belonged to wealthy Canadians”
who “had little private dealings”.
46. Ultimately, Brant compliance personnel required Brown to take his business elsewhere
and required the FIDRA accounts to be closed.
47. The transactional activity in the FIDRA accounts would have required a reasonable
registrant to make appropriate inquiries as to the purpose of the transactions. In failing to
do so, Taub failed in his duties to act as gatekeeper for the securities industry.
D. Opening Accounts and Trading for Parties Outside of his Jurisdiction of Registration
Taub’s Involvement with Harvey Rubenstein / Monmouth Beach Consulting Inc.
48. During the Material Time, in late March 1999, Taub opened an account at Brant for
Monmouth Beach Consulting Inc., (“Monmouth”). This account appears to have been a
nominee account for Rubenstein. The account opening documentation lists an address in
Vancouver, B.C., but a telephone number in New Jersey. The President and signing
officer for Monmouth is identified as one Stanley Merdinger, a U.S. national. The
address on the Monmouth account is identical to an address used by Rubenstein.
49. As of February 2000, the account statements for the Monmouth account were delivered to
an address in Markham, Ontario. The Markham address was also an address used by
Rubenstein.
50. In October 2001, when Taub had transferred his registration to Research, an account was
opened there for Monmouth. The address on the account opening documentation was the
same Vancouver address and New Jersey telephone numbers as had been used to open
the Monmouth account at Brant.
- 11 -
51. In early 2002, when Taub was required by Research compliance personnel to close his
accounts with B.C. residents, he provided a letter to Research advising that Monmouth’s
Vancouver address had been closed effective immediately and that all business would
now be conducted out of an address in Markham, Ontario. The Markham address is the
same address that had been used by Monmouth at Brant after February 2000. In late
February, the address was changed to a different location in Markham. Both of the
Markham locations were identical to addresses used by Rubenstein.
52. Notwithstanding the information on the account opening documentation, Taub and his
sales assistants delivered over 40 faxes to New Jersey and placed in excess of 200
telephone calls to the former New Jersey telephone number listed on the account.
53. Taub is not registered to deal with U.S. residents nor does the account opening
documentation accurately reflect the involvement of Rubenstein in the account.
Accordingly, Taub circumvented IDA and SEC rules by opening accounts for and
accepting orders from clients outside his jurisdiction of registration.
Taub’s Involvement with Marc Sporn
54. During the material time, Taub opened an account at Research for an off-shore corporate
entity, Investment Management Inc. (“Investment Management”). The principal for
Investment Management and the individual who provided trading instructions was Marc
Sporn (“Sporn”).
55. While reviewing the exercise of stock options by Investment Management for a company
called Universal Ice Blast (“Universal Ice”), Research compliance personnel discovered
that Sporn, who was noted on the Investment Management NCAF as residing in Hong
Kong, was actually a resident of Boca Raton, Florida.
56. Research compliance personnel also raised concerns that the Universal Ice stock options
were originally for the account of Marc Siegel, an individual who was understood by
Research Compliance personnel to have been the subject of an informal SEC
investigation. When these concerns were raised with Taub, a letter was produced later
that same day indicating that the Universal Ice options should be for the account of
Investment Management, rather than Siegel.
57. Research compliance personnel required the Investment Management account to be
closed as a result of Sporn’s U.S. residency.
58. Furthermore, over an extended period of time, Taub’s staff sent daily faxes to Sporn at a
telefax number in Florida.
- 12 -
59. Taub is not registered to deal with U.S. residents. Accordingly, he circumvented IDA
and SEC rules by opening accounts and accepting orders from clients outside his
jurisdiction of registration.
E. Dealing with Individuals other than the stated Account Holder
Taub’s Involvement with Rafi Khan
60. During the Material Time, Taub opened an off-shore corporate account at Research for
Aura PVT Ltd. (“Aura”), ostensibly for Qaiser Imran (“Imran”), a resident of Pakistan.
There was no third party trading authority given over the account.
61. Imran is the brother of Rubina Khan (“Mrs. Khan”) and the brother-in-law of Rafi Khan
(“Khan”).
62. In March 2002, Research was contacted by the SEC and asked for information
concerning the relationship between Taub and Khan. The SEC had obtained an
injunction against Khan prohibiting him from trading securities in the U.S. on the basis of
allegations that he had been involved in price manipulation schemes.
63. In April 2002, Taub provided a declaration to the SEC that, although he communicated
on the telephone with Khan, they did not discuss the Aura account.
64. In December 2002, the SEC moved to enforce an investigative subpoena against Mrs.
Khan, on the basis that Khan may have been violating the terms of the injunction. The
SEC expressed concerns that Khan may have been circumventing the restrictions on his
ability to trade by using accounts in the name of family members (including Mrs. Khan)
and Pakistani entities to conceal his involvement.
65. When Research compliance personnel became aware of the SEC concerns, they inquired
into the details of Aura and its connection to Khan.
66. In early January 2003, Taub’s assistant confirmed by e-mail to Research compliance
personnel that the Aura account was in no way connected to Khan and that all
instructions came from Imran in Pakistan.
67. However, in June 2003, Taub’s assistant exchanged e-mails with Khan and arranged for
certain share certificates of SVI Solutions Inc. (“SVI Inc.”) in the name of Khan to be
transferred into the name of Aura. Khan describes Taub’s assistant as “Aura’s broker” to
the lawyer for SVI Inc. who was to deal with the transfer of certificates.
68. Other e-mails from Taub’s assistant indicate that in response to questions about Aura
account activity from Khan she provided such advice to him, despite the fact that she told
Research compliance personnel that Khan had nothing to do with the account.
- 13 -
69. Further, telephone and fax records indicate that Taub’s assistant was frequently in touch
with Khan. Taub’s assistant acknowledges that she was acting on instructions from
Taub.
70. Taub ought not to have provided, or instructed his assistant to provide, Khan with
confidential information regarding Aura account activity.
Taub’s Involvement with Paul Taylor
71. During the Material Time, Taub opened 21 accounts at Research for Costa Rican entities,
including Z3 Limited (“Z3 Ltd.”). Trading authority over these accounts was provided to
three individuals including David Ricci (“Ricci”).
72. Ricci is also connected with a Costa Rican company, Red Sea Management (“Red Sea”),
which shares the same business address as the Costa Rican accounts. Red Sea is engaged
in the business of setting up off-shore asset protection structures and only operates on a
referral basis. Taub referred Red Sea to Saxena.
73. Z3 Ltd. held shares of an issuer, Trezac Ltd (“Trezac”). Paul Taylor (“Taylor”) is the
CEO of Trezac. Taylor has no connection with the Z3 Ltd. account in that he is not a
principal or authorized signatory, nor does he have trading authority.
74. Taub’s assistant, acting on instructions from Taylor, attempted to journal 500,000 shares
of Trezac from Z3 Ltd. to Sharpe Capital Ltd. (“Sharpe Ltd.”), a company for which
Taub was the registered representative.
75. When research compliance personnel rejected the journal request, new documentation
was prepared by Taub’s assistant in which Frank Carino, the principal of Sharpe Ltd.
stated that the journal request related to a personal settlement between the principals of
Z3 Ltd. and Sharpe Ltd. and, further, that the journal request was made “without
involvement of any other companies, including Trezac”.
76. Taub’s assistant acknowledges that she had oral instructions from Taub to deal with
Taylor.
77. Taub ought not to have taken instructions from or instructed his assistant to take
instructions from Taylor regarding the Z3 Ltd. transaction described above.
F. Misleading their Member Firm
78. Taub misled his Member Firm when asked about the potential connection between Aura
and Khan and thereby engaged in conduct unbecoming a registrant contrary to
Association By-law 29.1.
- 14 -
79. Taub misled his Member Firm regarding the Z3 Ltd. transaction and thereby engaged in
conduct unbecoming a registrant contrary to Association By-law 29.1.
GENERAL PROCEDURAL MATTERS
TAKE FURTHER NOTICE that the hearing and related proceedings shall be subject to the
Association’s Rules of Practice and Procedure.
TAKE FURTHER NOTICE that pursuant to Rule 13.1, the Respondent is entitled to attend and
be heard, be represented by counsel or an agent, call, examine and cross-examine witnesses, and
make submissions to the Hearing Panel at the hearing.
RESPONSE TO NOTICE OF HEARING


Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 11/17/2005 12:20:54 PM

By: rakesh regis and ???


NOTICE TO PUBLIC: SETTLEMENT HEARING
IN THE MATTER OF Research Capital Corporation and Patrick Gerald
Walsh
November 17, 2005 (Toronto, Ontario) - The Investment Dealers Association of Canada
(IDA) announced today that a hearing will be held before a Hearing Panel, appointed pursuant to
By-law 20, for the presentation, review and consideration of a Settlement Agreement.
The Settlement Agreement is between staff of the IDA and Research Capital Corporation
(Research) and Patrick Gerald Walsh (Walsh), who was at the material time the Chief Executive
Officer and Ultimate Designated Person at Research. Both Research and Walsh were at all
material times registered with the IDA, and this settlement relates to matters for which they may
be disciplined. The conduct which is the subject of the hearing occurred during the time period
from November 2001 to September 2004 and involves a failure to ensure effective supervision of
a Registered Representative and a failure to adequately address and correct compliance
shortcomings.
The hearing is scheduled to commence at 10:00 a.m. on Friday, November 25, 2005 at The
Mediation Place, located at 390 Bay Street, 3rd Floor, Toronto, Ontario. The hearing is not open
to the public unless and until the Settlement Agreement has been accepted by the Hearing Panel.
Copies of the decision of the Hearing Panel and the Settlement Agreement will be made
available if and when the Settlement Agreement is accepted by the Hearing Panel.
The Investment Dealers Association of Canada is the national self-regulatory organization and
representative of the securities industry. The IDA’s mission is to protect investors and enhance
the efficiency and competitiveness of the Canadian capital markets. The IDA enforces rules and
regulations regarding the sales, business and financial practices of its Member firms and its
approved persons. Investigating complaints and disciplining Members and approved persons are
part of the IDA’s regulatory role.
-30-


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 7:47:20 PM

By: john lewis

It's true Nevis Trust was run through Steven(backdoor)Taub.What idiot would have his money in Nevis.Bruce is an old rounder bumm.The SEC should look at all of Taub's clients as they are all shady slicksters.I was kind enough to email them on a few.sleep well my liege.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 3:46:39 PM

By: digital cybernet

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
OTIS-WINSTON LTD., XILLIX TECHNOLOGIES CORP., and DIGITAL CYBERNET CORPORATION

STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION



The Parties

1. Otis-Winston Ltd. ("Otis-Winston") is an Ontario corporation. Ivan Cavric is the Chief Financial Officer of Otis-Winston.

2. Xillix Technologies Corp. ("Xillix") is a British Columbia corporation and a reporting issuer. There are approximately 31,790,000 outstanding common shares of Xillix.

3. Digital Cybernet Corporation ("Digital Cybernet") purports to be a reporting issuer in Ontario. Digital Cybernet purported to become a reporting issuer by filing a securities exchange take-over bid circular (dated September 27, 1999, the same date as Digital Cybernet's incorporation) for Central America Marketing Inc. on October 6, 1999.

4. Digital Cybernet shares are subject to a hold period until October 6, 2000.

The Subject Offer to Purchase

5. On May 3, 2000, Otis-Winston filed with SEDAR a Form 42 and an offer to purchase shares (the "Offering Document") announcing its intention to acquire up to 590,000 Xillix shares. This represents only 1.85% of the outstanding Xillix shares and is therefore not a take-over bid pursuant to the Act. This bid will expire on June 1, 2000.

6. The Offering Document states that Otis-Winston will deliver two Digital Cybernet shares for one Xillix Share.

7. The Offering Document was not mailed to all Xillix shareholders. The Offering Document was delivered to the offices of the Canadian Depository for Securities ("CDS"), which prepared a Depository Bulletin describing the Offer and delivered the Bulletin to all Xillix shareholders.

8. As set out below, the Offering Document does not contain meaningful disclosure concerning Digital Cybernet shares. Accordingly, offering the Digital Cybernet common shares as consideration for tendering the Xillix common shares is contrary to the public interest.

9. The offer is internally inconsistent as to the consideration being offered. In portions of the Offering Document, reference is made to two common shares of Digital Cybernet being offered in exchange for one common share of Xillix. In the Form 42, filed, the consideration is listed as two dollars per common share of Xillix.

10. The valuation in respect of the Xillix shares, as described in the Offering Document, was prepared by De Rosa Accounting Services in Niagra Falls. Americo and Anita De Rosa are principal shareholders or former principal shareholders of Digital Cybernet or a related company. The valuation is not included in any material filed.

11. The value of Digital Cybernet shares is not properly disclosed in the Offering Document.

12. Digital Cybernet purported to become a reporting issuer on October 6, 1999. According to section 72(5) of the Act, the first trade in previously issued securities of a company that has ceased to be a private company, other than a further trade exempted under 72(1) of the Act, is a distribution except where, among other things, the issuer has been a reporting issuer for at least twelve months. As stated below, there have been no trades in the common shares of Digital Cybernet since October 6, 1999, which satisfy the provisions of section 72.

13. Otis-Winston is not registered to trade in securities in Ontario, and therefore any transfer of Digital Cybernet common shares to Xillix shareholders, without the appropriate registration or exemption, has been or will be in breach of s. 25 of the Act.

The History of Digital Cybernet

14. Digital Cybernet purported to become a reporting issuer on October 6, 1999 by filing a securities exchange take-over bid circular (the "CAM Circular") for Central America Marketing Inc. ("CAM"). According to the CAM Circular, Digital Cybernet was incorporated on September 27, 1999, the same day that this take-over bid was made.

15. According to the CAM Circular, Americo De Rosa was the President and a Director of Digital Cybernet and also its largest shareholder. At the same time, Americo and Anita De Rosa are also disclosed as majority shareholders of CAM, at the time the CAM Circular was released.

16. Northcap Holdings Inc. ("Northcap") acquired 1,180,000 Digital Cybernet shares on February 29, 2000, pursuant to a Quebec only take-over bid. On February 28, 2000, Northcap filed with the Quebec Securities Commission an offer to purchase between 20% and 30% of the outstanding common shares of Digital Cybernet, on the basis of ten common shares of Digital Cybernet for one common share of Northcap. This offer was not filed in Ontario.

17. The circular that accompanied the February 28, 2000 Northcap offer disclosed that the principal shareholder of Northcap is Ivan Cavric, who was also President, Secretary, Treasurer and a Director. Ivan Cavric is also a shareholder of Digital Cybernet.

18. On March 3, 2000, Digital Cybernet filed a Directors Circular with the Quebec Securities Commission, disclosing that Americo De Rosa and Anita De Rosa had accepted the Northcap offer. This offer was not a take-over bid pursuant to Part XX of the Act, nor did it comply with the take-over bid provisions. Therefore the transfer by the De Rosas to Northcap of Digital Cybernet common shares was not pursuant to a take-over as contemplated by section 72.

19. Accordingly, the acquisition of the Digital Cybernet common shares by Northcap was in violation of the hold period required by section 72(5) of the Act.

20. Thereafter, on May 3, 2000,Northcap directed its transfer agent to register 1,180,000 shares of Digital Cybernet in the name of Otis-Winston. As state above, the original acquisition by Northcap of the Digital Cybernet shares was in breach of the Act.

DATED at Toronto this first day of June, 2000.








Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 2:56:46 PM

By: mae jon lou aka the dragon lady

word is that Taub was a busy bee.He was Mae jon lou's main broker.Was Taub linked to offshore boiler rooms.I know John,kevin and their stupid father bruce Lewis ran Nevis Trust through them.Then John Lewis had a phone room in Spain.Pumping Regis Possino's stock.It all comes back to Taub.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 2:44:43 PM

By: worldwide sales

THE OPERATOR of what could be the biggest scam syndicate in the world is a Filipino, authorities in various countries say.

Just 30 years old, Amador Apungan Pastrana, has become the face of 21st-century high-tech fraud. According to authorities here and abroad, he is the brains of a global network of boiler room operations that have duped hundreds of thousands of investors with little knowledge of the financial market, but with lots of money to spare.

Pastrana's alleged victims include 4,000 people who lost $35 million they invested in one of his shell companies, thousands of retirees in Australia and New Zealand, and nearly 700 South Africans who lost a total of $28 million, of which $5 million belonged to businessman Lino Leoni, one of the owners of the renowned DeBeers diamond company.

Accounts in the Internet and Australian newspapers say Pastrana has already amassed some $6 billion in a mere eight years, a wealth accumulated largely from running at least 150 boiler rooms in nine countries. But his operations have also earned him the ire of the police and the Securities and Exchange Commissions (SECs) in the Philippines, Hong Kong, Singapore, Australia, New Zealand, South Africa, Canada and in some European countries. None, however, has managed to catch up with the slippery Filipino.

Pastrana, who maintains posh homes in Manila and Los Angeles, is now on the watchlist of authorities in many countries, including the Philippines. The US Federal Bureau of Investigation (FBI) has also begun to investigate his activities. Police in Austria want to talk to him, as well as to US national Regis Possino, a disbarred lawyer convicted of fraud and drug dealing, and shady Saudi Arabian businessman Adnan Khashoggi. Media reports say the three men were members of a consortium that bought a small Viennese bank without a brokering license, and then turned it into a boiler room.

But Tomas Syquia, acting director of the Compliance and Enforcement Division of the Philippine SEC, says building a case against the international syndicate is difficult because of the complexity of the modus operandi. Most of the victims are all overseas, making it hard and costly to gather information and court evidence.

As of this writing, the PCIJ has yet to hear from Pastrana or his legal representatives in Manila, to whom the Center sent a written list of questions.

Still, James Martin, director of Sydney-based Stock Investigation Research Society (SIRS), a network of victims of boiler room operators, says, "He (Pastrana) is the Henry Ford of boiler rooms. He has taken it into mass production scale like no one else."

Called "boiler rooms" because they usually work out of cramped office spaces with desks and telephones and apply high-pressure sales pitches on their victims, operations like that of Pastrana's can be found in practically every continent. Each office has an army of telemarketers that call up retirees, pensioners, lottery winners - anybody who's neither a banker nor a broker - who are thousands of miles away, and more than likely in another country. The glorified telemarketers then pitch stocks of "pinksheet" companies, or those whose shares sell for a fraction of a penny, listed on the unregulated Over-the-Counter Bulletin Board (OTCBB) of the US NASDAQ.

These boiler rooms hire expatriates with Western accents who present themselves as hotshot brokers of securities firms that have impressive-sounding names such as Morgan Lynch (a cross of US investment banks J.P. Morgan and Merrill Lynch), Griffin Securities, Muller & Sons, Dukes & Company, and Knowle & Sachs. They send out glossy newsletters, put up Internet sites and pester the potential victim with follow-up calls until he agrees to part with his savings and buy the stocks. Clients, who plunk down amounts that range from $1,000 to $5 million each, then receive instructions on how to send the payment by telegraphic transfer to a bank overseas.

The companies collapse their operations after six months to a year or when too many clients itching to see returns start burning their phone lines. But like zombies, the firms come alive again in another office address or in another part of the world, using a different name and another set of incorporation papers. Often, too, the salespeople would say they are calling from Bangkok, Hong Kong or China, even if they are making the calls in, say, Manila.

Clients who try to cash in on their investments are never successful. More often than not, the boiler rooms do not really buy the shares and merely pocket the money. When the clients run to their respective SECs for help, they find out they have put their trust in obscure companies that do not even hold a license to trade stocks or a legitimate office address. Their phone calls go to business centers paid to render secretarial work and receive calls that are automatically re-routed to the boiler room's landlines.

Engineer Peter Harvey, who lives in the remote town of Kondinin in Western Australia, admits losing $150,000 from investing in OTCBB shares offered by boiler rooms allegedly owned by Pastrana. In an e-mail interview, Harvey recounts how he was first "sold" shares of companies believed to be part of Pastrana's own pinksheet empire, and then later told that his account was being transferred to another firm - and then another.

As Harvey tells it, he had first dealt with First Federal Capital, a company operating in Makati but based in Palau, in 1997. A year later, he was told his account was being transferred to Pryce Weston, which had supposedly bought First Federal. In 1999, another company called Saxon and Swift, which also had offices in Vanuatu and Hong Kong, took over Pryce Weston.

Harvey says the same thing happened with Bradshaw Global Asset Management, another boiler room company then based in Makati but with a representative office in Rancho Sta. Margarita in California. Some time in early 2000, Bradshaw's operations were taken over by Newport Pacific Securities and Management, also based in Makati. According to Harvey, Newport eventually ceased operations, and his account was moved to Gibson and Peterson Company, based in Bangkok.

"I even flew over to the Philippines to meet them and have a look at their operations," says Harvey. He says he did not find anything suspicious at the time. Now, though, he has only one word to describe these companies: "parasites."

Yet while Pastrana seems to be the present king of boiler rooms, he was not the inventor of this elaborate scam. Experts say boiler rooms began more than a decade ago in the United States, particularly in Florida, where they reportedly flourished due to lax investment rules there as well as the large population of retirees.

SIRS's Martin reckons boiler rooms boomed soon after 1990, when the US SEC allowed the trading of the so-called "Regulation S" shares. The policy, meant to respond to the increasing globalization of the capital markets, allows the sale of securities not registered with the US SEC to be sold to offshore investors. But Martin says what it has really done is to allow boiler rooms to mislead investors outside of the United States. These investors are led to believe they are being sold shares in legitimate US companies, and that the transactions have the seal of approval of US regulators. Coming at a time when stock markets were doing very well, the boiler rooms hit pay dirt in the hundreds of thousands of people eager to invest even their nest eggs.

When the FBI conducted a major sweep in the early 1990s, the boiler rooms simply moved their operations outside of the United States, eventually choosing countries that had no extradition arrangements with US law enforcement agencies, or with weak rules of law. Many of the boiler rooms thus set up their "dialing" offices in Canada, Hong Kong, the Bahamas, Panama, Costa Rica, Liberia and South Africa. Some apparently wound up in the Philippines, with one of them eventually employing Pastrana.

A BS Computer Science graduate of Trinity College in Quezon City, Pastrana had first worked as a crewmember in a McDonald's outlet before he chanced upon a newspaper ad for telemarketers in a Makati-based firm called Griffin Securities. It turned out to be a boiler room operation, but Pastrana lasted long enough in the company to master the "business." Some of his former employees were told that Pastrana took some vital diskettes with him when he resigned from Griffin. They believe he used these to help set up his first company, which became First Federal Capital.

According to the Philippine SEC records of AAP Management, Inc., his flagship company, Pastrana managed to have more than 10 companies in just a span of five years. It is believed these companies form part of his "legitimate" business and still do not include his boiler rooms. Among those listed as his previous positions were managing director of First Federal Capital, Inc. and president of Mendez Prior Hall, which authorities raided and were able to seize documents from showing the extent of its boiler room operations.

Today, Pastrana is said to own more than 100 boiler rooms and shell companies around the world. Some of them are incorporated in small tax-haven territories such as the Bahamas, Belize, British Virgin Islands, Mauritius, Cayman Islands, Western Samoa, Turks and Caicos, St. Vincent and the Grenadines, Island of Nevis, and the republics of Liberia and Seychelles. Those in the United States were incorporated in Nevada, Florida, Delaware and South Carolina.

Martin, who says he was duped by Pastrana in an even more complicated way, has also received reports that Pastrana in the early 1990s had crossed paths with Sherman Mazur, a German national who was then running boiler rooms in the United States. In 1993, Mazur was sentenced to five years in prison in California for securities fraud. While he was serving time, Mazur reportedly passed on the management of his boiler rooms to Pastrana, "whom he trusted," says Martin. "But Amador not only took over these boiler rooms, (he) set up more."

Records obtained on Pastrana's US corporate empire as of June 2000, though, lists only seven OTCBB-listed companies created out of a series of reverse mergers and acquisition of dormant firms. The results are several holding companies operating only on paper, usually with the same corporate secretary, Roy Rayo, or Filipino lawyer Claudine Montenegro whom Martin also sued for practising in the US without a license.

The seven US holding companies are neatly spread out into different sectors. Apart from Digital Reach Holdings Corp., which takes care of investments, there is Key Holdings Corp., which was incorporated in Nevada, but is an "online gaming company based in Antigua or Dominican Republic." Netsat Holdings Ltd. is said to focus on telecommunications and Internet service, Your Future Holdings Inc. on educational development and technology, Labco Pharma on pharmaceuticals, and another Cayman-based holding company for food. There is also Stratasys, once owned by Martin but is now Pastrana's, which is a Bermuda-based holding firm supposedly handling software development.

The shares of these companies are listed on the OTCBB, which is highly vulnerable to price manipulation. Not surprisingly, these nearly worthless company stocks are among the offerings of Pastrana's boiler rooms. Harvey himself says he was among those who loaded up on Labco Pharma shares.

While the clients of his operations permanently part ways with their money, Pastrana has yet to stop raking it in. According to one of his former employees here in Manila, his companies' tills rang up a total of some $5 million a day in 2000. Other ex-employees say more than a third of that automatically went to Pastrana while only a tenth was used to buy legitimate stocks in behalf of clients.

A former resident of a squatter community in Guadalupe Viejo in Makati, Pastrana is now said to own a $2.8-million apartment penthouse on Wilshire Boulevard in Los Angeles, California.

"He also bought his mother a lovely gift: a $14-million house in Rancho Santa Margarita in Mission Viejo, California," says Martin. "A very nice son, don't you think?"

In the Philippines, his properties reportedly include two luxury condominium units in the high-end Essensa East in Taguig, a villa with a view of the sea in Caylabne Bay, the Winners restaurant on Arnaiz Avenue in Makati, and units at The Peak, also in Makati. Authorities hot on Pastrana's trail say some of the properties have been placed under the name of his front companies such as Euro Pacific Trade Inc., or those of members of his immediate family.

Pastrana's megabucks have also found their way into listed conglomerates such as Hong Kong's Hutchison Whampoa Ltd., as well as Singapore Telecoms, US metal producer Alcoa Inc., Pacific Cyberworks of Hong Kong, and US semiconductor firm Intel.

United Resources Asset Management Inc., which was set up in May 2000 and acted as investment manager for the entire Pastrana group of companies, had a portfolio of $200,000 invested in these stocks. In its first year of operation, the company targeted an investment of over $20 million a year, according to AAP Management records.

Some of his associates say that despite his supposed riches, Pastrana still has some simple joys, among them buying brand-name shoes at bargain prices in either Bangkok or Hong Kong. But he is also known for e-mailing his personal secretary to keep replenishing his stock of blue and black Mont Blanc pens, as well as showing off the results of his latest liposuction or the wonders cosmetic surgery has done on his face.

Obviously, too, Pastrana is making good a promise his former associates say he made to himself several years back. When he was still a struggling college student, Pastrana was said to have sworn in true Scarlett O'Hara fashion: "I shall never go hungry again."







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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 2:41:20 PM

By: regis equals raoul

Direct responses op dit bericht
Air Holland en de Khashoggi-connectie (5)
zondag 12 december 2004
Raoul Berthaumieu verhuisde met zijn ouders in 1958 vanuit België naar Canada. Zijn vader verzamelde daar de nodige pegels met een batterijfabriek en de import van auto’s. Toen hij ziek werd nam zijn zoon het van hem over. Raoul boerde niet beroerd, maar zag het na een tijdje toch niet meer zitten in Canada en trok naar Californië. Daar stapte hij in de wereld der louche financiën. Hij kreeg drie bankjes onder zijn beheer en breidde zijn activiteiten uit naar Oost-Azië. Beginjaren negentig liep het voor het eerst fout en belandde hij in de petoet. Daar ontmoette hij nuttige kennissen,die op hun beurt ook weer kennissen hadden. Zo raakte hij thuis in het milieu van de grote zwendelbaronnen, die via zogenaamde boilerrooms op grote schaal waardeloze aandelen de lucht inpompten, ongedekte promesses uitgaven, kleine banken opkochten, die gebruikten om een stoot avontuurlijke gelden wit te wassen en ze vervolgens met een miljardenschuld achterlieten. Raoul en zijn vrouw (de advocate Sylvie Sainlez) werden daarbij dikke mik met figuren als Rakesh Saxena, Sherman Manzur, Tariq Ahmad, Regis Possino en ... Adnan Khashoggi, de vriend en buurman van Felice Cultrera.

Nadat dit Ocean 8-team midden jaren negentig ervoor had gezorgd dat de Bank of Commerce in Bangkok de gedaante aannam van de ruïne van Brederode en haar achterliet met een zwart gat van meer dan 2 miljard dollar, stapte het kort daarna de lobby van de General Commerce Bank in Wenen binnen voor hetzelfde kunstje. Die ging voor 1 miljard het schip in.

Zoals gezegd maakte het team bij die operatie gebruik van de waardevolle diensten van de Investment Bank Luxembourg. Dezelfde bank die de was deed voor de boys van Air Holland en hun Surivrienden. De top van IBL werd door de oh zo deftige Maurizio Sella haastig op straat gekeild en één ervan belandde meteen in de petoet. Samen met Raoul Berthaumieu en een paar katvangers. De nieuwe staf moet de boel weer wat oppoetsen onder leiding van Bruno Agostini. Een onbevlekte gozer? Natuurlijk niet. In het recente verleden dook hij bijvoorbeeld op in een artikel van Le Monde waarin hij tot een van de sleutelfiguren van het inmiddels onder de wol gestopte Parmalatschandaal werd gebombardeerd. Zo werkt dat in Italië. Of moeten we zeggen in Europa? Stay tuned.



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Dit bericht is verschenen in Kleintje Muurkrant actueel




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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:34:21 AM

By: makes all canadians look like stock thieves


The long trail of deceit
Public eye, Mail on Sunday
27 January 2002
EVERY week, Tony Hetherington replies to readers' letters, adding comments, advice and the results of his enquiries.



OTHER STORIESKing leads the pound down
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USEFUL LINKSSTATISTICS: Economic data
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THIS IS MONEY SERVICESFREE: Get company reports
READER SERVICE: Share dealing

If you think you are a victim of financial mismanagement, or want advice before investing, write to Tony Hetherington, Financial Mail, 2 Derry Street, London W8 5TS.


Sorry, but he cannot give personal replies. Please send only copies of documents - if these are relevant to your enquiry. We regret that they cannot be returned.



J. F. writes: I was called by a man named Darren at World Trade Financial Corporation, who tried to persuade me to invest £10,000 in shares in Pacific Energy & Mining. I beat him down to £3,500. He sent me paperwork, but I am not sure the deal is genuine.


R. T. writes: I was cold-called by a man from Globeshare and agreed to buy shares in Arkson Nutraceuticals for £3,098. The contract note asked me to write a cheque to Martin & Associates and send it to an address in Park Lane. I did not know who Martin & Associates were, so I phoned Globeshare, without success.


TWO letters, just one answer - and a chain of inquiries that stretches around the world.


Globeshare's headed notepaper shows that it has smart offices at 55 Park Lane, central London. World Trade Financial's offices are, according to its notepaper, a short walk away at 64 Grosvenor Street.


But neither broking firm is authorised by the watchdog Financial Services Authority. And if you call their head offices in the US, where both firms have broking licences, the mystery deepens.


Roger Vanderleck at Globeshare in New York told me: 'We do not have an operation in London.'


In La Jolla, California, World Trade Financial's Rod Michael said his company's 'evil twin' was causing serious problems.


He told me: 'We have sent letters to tell them to stop and we have called Scotland Yard's fraud division. We believe they operate from Spain and we have contacted the authorities there, but there isn't much more we can do.'


It seems that someone used notepaper from both broking firms and added a phoney London address. Inquiries by Financial Mail showed that both addresses contain sub-let offices.


Post and cheques were collected by Malcolm Kingston, a property company director who has a colourful background, including a spell in a California jail.


Kingston told me: 'We were doing a property fund with a bank in Austria that asked if we would be a mailing address for some stocks or something, so we were purely a mailing address.'


Behind Kingston was the even more colourful Rakesh Saxena, an Indian multi-millionaire banker wanted for fraud in Thailand. He is under house arrest in Canada.


Saxena said his job was to raise money for companies such as Arkson and Pacific Energy by placing big blocks of shares with investors through an Austrian bank run by Raoul Berthamieu.


He said: 'I was trying to structure some bonds for Ukraine, and the guys who were doing it somehow got in touch with Berthamieu.


'Later down the line we discovered that the bank never had a licence and the guys never owned the bank. It was the most ridiculous story I've ever heard. Nobody would let me run a bank for a year without paying for it and without being regulated.'


The selling of shares to investors was left to salesmen in Spain. Saxena said: 'They had reps who were calling from there.


'The guy there - and the UK authorities have been wanting to know if he has a licence - is Adrian Jewkes.' He could not be contacted for comment.


It turns out that Martin & Associates is a legal firm in Vancouver. Mail and cheques arriving in London were forwarded to it by Malcolm Kingston for banking.


The bottom line is that none of the people or broking firms involved in this were authorised to sell investments in the UK. And the fact that they used bogus London addresses shows that they knew they wouldn't get far if they told the truth.


Needless to say, nobody should send any more cheques. And anyone who has already paid should contact the Financial Services Authority on 020 7676 1000.


The Financial Services Authority said: 'The FSA is investigating the affairs of Globeshare and World Trade Financial. Anyone who has had dealings with these companies should contact Dan Jackson on 020 7676 1000.'


Who's who in a shady gang

Malcolm Kingston: He was struck off as a solicitor many years ago for mishandling clients' money.


He became a California property developer, setting up the City Center group of companies in Los Angeles. But the City Center empire, said to be worth $200 million, went bust in 1990.


Investigators found it was closely linked to the local Independence Bank, which was secretly owned by the scandal-hit Bank of Credit & Commerce International.


Kingston was charged by the FBI with conspiracy, bank fraud, wire fraud and money laundering and in 1994 he was convicted and sentenced to four years and three months in jail.


Now 62, Kingston lives in Chelsea and is a director of 11 companies.


Raoul Berthamieu: Belgian-born Berthamieu, who has used the alias Lee Sanders, once ran a California bank, but in 1989 he was charged with writing $1.6 million in worthless cheques. The cheques were paid into a bank in St Louis, and Berthamieu managed to withdraw $655,000 before they bounced.


In 1991, he admitted fraud. Berthamieu was jailed, serving part of his sentence in the same prison at the same time as Kingston.


Two years ago, Berthamieu was one of a group that took control of Austria's General Commerce Bank. Last August, the FBI implicated it in an international fraud to ramp the prices of low-value stocks.


Broking firms in Bangkok were raided and 81 people were arrested. Days later, General Commerce Bank collapsed into insolvency. Austrian sources say Berthamieu was among those arrested on suspicion of fraud.


Adrian Jewkes: He headed Park Equity Services, a Tunbridge Wells broking firm that used high-pressure phone calls to persuade investors to buy risky penny shares.


In 1997, it was fined £250,000 by watchdog Fimbra and went bust.


Jewkes was also a director of Anderson Ross, a London firm promoting high-risk currency investments. It was closed by the Securities & Investments Board.


And he was a principal in Scandex, a currency dealing firm that cost investors more than £1 million.


Rakesh Saxena: Since 1996, this Indian banker has been either in jail or under house arrest.


Saxena, 49, was a senior official of the Bangkok Bank of Commerce, which crashed in 1996 in what officials say was the biggest criminal fraud in Thai history. They claim Saxena, members of the Thai royal family, a Russian prince, an Indian swami, eastern European crooks and arms dealer Adnan Khashoggi drained $2 billion from the bank.


One step ahead of investigators, Saxena moved first to Switzerland and then to Vancouver. He is free on bail pending extradition, but is confined to his home.


Bail was revoked in 1998, but then it was revealed that Saxena had been visited in custody by Colonel Tim Spicer of Sandline, a British firm of military consultants later involved in a coup in Sierra Leone, where Saxena has mineral interests.


Canadian ministers found it hard to explain how an alleged crook held in a Vancouver prison could plot and finance a coup in Africa.







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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:32:02 AM

By: bad cxhecks and austrian banks (or boilerrooms)

Sanders:Hi Tom. Thanks for your question. This is Lee Sanders.The company that took us public was a compnay named Duke and Company. They were out of New York. They exited the business I believe in March of r April and uh. Presently our market makers are in the sex, seven,or actually eleven they are telling me. We have eleven market makersbut we have about six or seven that I'm very familiar with, the otherguys I'm not all that familiar with right now at this time."

http://web.archive.org/web/19990204035141/http://insidewallstreet.com/companies/AVGP/conference_call...
THE WAYBACK MACHINE DOES NOT LIE!!
======================================================
"Raoul Berthamieu: Belgian-born Berthamieu, who has used the alias Lee Sanders, once ran a California bank, but in 1989 he was charged with writing $1.6 million in worthless cheques. The cheques were paid into a bank in St Louis, and Berthamieu managed to withdraw $655,000 before they bounced."

"In 1991, he admitted fraud. Berthamieu was jailed, serving part of his sentence in the same prison at the same time as Kingston."

"Two years ago, Berthamieu was one of a group that took control of Austria's General Commerce Bank. Last August, the FBI implicated it in an international fraud to ramp the prices of low-value stocks."

"Broking firms in Bangkok were raided and 81 people were arrested. Days later, General Commerce Bank collapsed into insolvency. Austrian sources say Berthamieu was among those arrested on suspicion of fraud."

=========================================

"Among the stocks Wang and his brokers manipulated were Renaissance Entertainment, Sel-Leb Marketing, Paravant Computer Systems, Bristol Technology Systems, IFS International, and Aviation Group"

Aviation Group, Inc.
NASDAQ: AVGP
Feature Article

http://web.archive.org/web/19981206041617/http://www.insidewallstreet.com/companies/AVGP/index.html

IFS International, Inc.
NASDAQ: IFSH
This innovative software company is right in the thick of the financial transactions market.
Fact Sheet

http://web.archive.org/web/20000510161038/www.insidewallstreet.com/companies/IFSH/index.html

================================================
New York stockbrokers sentenced in investor fraud

By Jeanne King


NEW YORK, March 18 (Reuters) - Two stockbrokers from Duke & Co., a defunct Manhattan securities firm, were handed stiff sentences on Monday for their role in defrauding thousands of investors of millions of dollars.

Thomas Downey was given a six- to 18-year prison sentence by Manhattan Supreme Court Judge John Bradley, who ordered him to make restitution of $519,000. Jeffrey Horn received a five- to 15-year sentence. He was ordered to pay $227,000.

"Brokers have to be honest. These defendants wantonly abandoned that fundamental principle every day they worked at Duke," Arthur Middlemiss, the assistant district attorney. said at sentencing.

In May 1999, the Manhattan District Attorney's office indicted Duke Chairman Victor Wang and 17 of his brokers, charging them with conspiring with other broker-dealers to maintain the price of initial public offerings at artificially

high levels.

Wang, who pleaded guilty to bilking investors of tens of millions of dollars, will be sentenced on April 17.

Prosecutors said about 34,000 customers had invested $171 million with Duke.

Downey and Horn were the last of the brokers to go to trial. A number of others either pleaded guilty or were found guilty after a trial.

Duke & Co., went out of business in March 1998.

Among the stocks Wang and his brokers manipulated were Renaissance Entertainment, Sel-Leb Marketing, Paravant Computer Systems, Bristol Technology Systems, IFS International, and Aviation Group.

20:12 03-18-02


JUST A REMINDER THAT THEY BANK THEY ARE TALKING ABOUT (GENERAL COMMERCE BANK AG) WAS THE ONE SELLING OTC BB THAON COMMUNICATIONS, JUNUM INC, INFORETECH WIRELESS TECHNOLOGIES
IN THIS WORLD WIDE BOILER ROOM RING http://web.archive.org/web/20010220204246/http://www.gcbankag.com/
THE WAYBACK MACHINE DOES NOT LIE. TIS KHASHOGGI AND SEXENA AND LEE SANDERS. PLUS A FEW OTHER CROOKS
===============================================

http://www.thisismoney.com/20020127/si43422.html

J
Saving & Investing

The long trail of deceit
30 January 2002, Mail on Sunday


VERY week, Tony Hetherington replies to readers' letters, adding comments, advice and the results of his enquiries.

If you think you are a victim of financial mismanagement, or want advice before investing, write to Tony Hetherington, Financial Mail, 2 Derry Street, London W8 5TS.

Sorry, but he cannot give personal replies. Please send only copies of documents - if these are relevant to your enquiry. We regret that they cannot be returned.

J. F. writes: I was called by a man named Darren at World Trade Financial Corporation, who tried to persuade me to invest £10,000 in shares in Pacific Energy & Mining. I beat him down to £3,500. He sent me paperwork, but I am not sure the deal is genuine.

R. T. writes: I was cold-called by a man from Globeshare and agreed to buy shares in Arkson Nutraceuticals for £3,098. The contract note asked me to write a cheque to Martin & Associates and send it to an address in Park Lane. I did not know who Martin & Associates were, so I phoned Globeshare, without success.

TWO letters, just one answer - and a chain of inquiries that stretches around the world.

Globeshare's headed notepaper shows that it has smart offices at 55 Park Lane, central London. World Trade Financial's offices are, according to its notepaper, a short walk away at 64 Grosvenor Street.

But neither broking firm is authorised by the watchdog Financial Services Authority*. And if you call their head offices in the US, where both firms have broking licences, the mystery deepens.

Roger Vanderleck at Globeshare in New York told me: 'We do not have an operation in London.'

In La Jolla, California, World Trade Financial's Rod Michael said his company's 'evil twin' was causing serious problems.

He told me: 'We have sent letters to tell them to stop and we have called Scotland Yard's fraud division. We believe they operate from Spain and we have contacted the authorities there, but there isn't much more we can do.'

It seems that someone used notepaper from both broking firms and added a phoney London address. Inquiries by Financial Mail showed that both addresses contain sub-let offices.

Post and cheques were collected by Malcolm Kingston, a property company director who has a colourful background, including a spell in a California jail.

Kingston told me: 'We were doing a property fund with a bank in Austria that asked if we would be a mailing address for some stocks or something, so we were purely a mailing address.'

Behind Kingston was the even more colourful Rakesh Saxena, an Indian multi-millionaire banker wanted for fraud in Thailand. He is under house arrest in Canada.

Saxena said his job was to raise money for companies such as Arkson and Pacific Energy by placing* big blocks of shares with investors through an Austrian bank run by Raoul Berthamieu.

He said: 'I was trying to structure some bonds* for Ukraine, and the guys who were doing it somehow got in touch with Berthamieu.

'Later down the line we discovered that the bank never had a licence and the guys never owned the bank. It was the most ridiculous story I've ever heard. Nobody would let me run a bank for a year without paying for it and without being regulated.'

The selling of shares to investors was left to salesmen in Spain. Saxena said: 'They had reps who were calling from there.

'The guy there - and the UK authorities have been wanting to know if he has a licence - is Adrian Jewkes.' He could not be contacted for comment.

It turns out that Martin & Associates is a legal firm in Vancouver. Mail and cheques arriving in London were forwarded to it by Malcolm Kingston for banking.

The bottom line is that none of the people or broking firms involved in this were authorised to sell investments in the UK. And the fact that they used bogus London addresses shows that they knew they wouldn't get far if they told the truth.

Needless to say, nobody should send any more cheques. And anyone who has already paid should contact the Financial Services Authority on 020 7676 1000.

The Financial Services Authority said: 'The FSA is investigating the affairs of Globeshare and World Trade Financial. Anyone who has had dealings with these companies should contact Dan Jackson on 020 7676 1000.'

Who's who in a shady gang

Malcolm Kingston: He was struck off as a solicitor many years ago for mishandling clients' money.

He became a California property developer, setting up the City Center group of companies in Los Angeles. But the City Center empire, said to be worth $200 million, went bust in 1990.

Investigators found it was closely linked to the local Independence Bank, which was secretly owned by the scandal-hit Bank of Credit & Commerce International.

Kingston was charged by the FBI with conspiracy, bank fraud, wire fraud and money laundering and in 1994 he was convicted and sentenced to four years and three months in jail.

Now 62, Kingston lives in Chelsea and is a director of 11 companies.

Raoul Berthamieu: Belgian-born Berthamieu, who has used the alias Lee Sanders, once ran a California bank, but in 1989 he was charged with writing $1.6 million in worthless cheques. The cheques were paid into a bank in St Louis, and Berthamieu managed to withdraw $655,000 before they bounced.

In 1991, he admitted fraud. Berthamieu was jailed, serving part of his sentence in the same prison at the same time as Kingston.

Two years ago, Berthamieu was one of a group that took control of Austria's General Commerce Bank. Last August, the FBI implicated it in an international fraud to ramp the prices of low-value stocks.

Broking firms in Bangkok were raided and 81 people were arrested. Days later, General Commerce Bank collapsed into insolvency. Austrian sources say Berthamieu was among those arrested on suspicion of fraud.

Adrian Jewkes: He headed Park Equity Services, a Tunbridge Wells broking firm that used high-pressure phone calls to persuade investors to buy risky penny shares*.

In 1997, it was fined £250,000 by watchdog Fimbra and went bust.

Jewkes was also a director of Anderson Ross, a London firm promoting high-risk currency investments. It was closed by the Securities & Investments Board.

And he was a principal in Scandex, a currency dealing firm that cost investors more than £1 million.

Rakesh Saxena: Since 1996, this Indian banker has been either in jail or under house arrest.

Saxena, 49, was a senior official of the Bangkok Bank of Commerce, which crashed in 1996 in what officials say was the biggest criminal fraud in Thai history. They claim Saxena, members of the Thai royal family, a Russian prince, an Indian swami, eastern European crooks and arms dealer Adnan Khashoggi drained $2 billion from the bank.

One step ahead of investigators, Saxena moved first to Switzerland and then to Vancouver. He is free on bail pending extradition, but is confined to his home.

Bail was revoked in 1998, but then it was revealed that Saxena had been visited in custody by Colonel Tim Spicer of Sandline, a British firm of military consultants later involved in a coup in Sierra Leone, where Saxena has mineral interests.

Canadian ministers found it hard to explain how an alleged crook held in a Vancouver prison could plot and finance a coup in Africa.
======================================
http://www.google.com/search?hl=en&lr=&ie=ISO-8859-1&q=%22IFS+International%2C+Inc%22+DO...

Stocks - Special situations on small to mid-cap stocks.
... He has been president & CEO of IFSH's largest subsidiary, IFS International, Inc. ... Call
Dodi B. Handy @ IFSH's IR firm, Continental Capital & Equity Corp. ...
www.wallstreetcorner.com/ new_lop.html?ID=56&Unique=yes - 39k - Nov. 8, 2002 - Cached - Similar pages

IFS International Appoints Michael DiGiovanna To Its Board Of ...
... IFS International, Inc. develops, markets and supports software products for
the electronic financial market. ... Americas: +1-518-283-7900. Dodi Handy. ...
www.ifsintl.com/News/2001_Press_Releases/IFS_International_Appoints_Mic/ ifs_international_appoints_mic.html - 19k - Cached - Similar pages

I never knew JOHN MANION of Continental Capital
... (OTCBB:NVEI); IFS International, Inc. (Nasdaq:IFSH); and Viragen, Inc. (AMEX:VRA).
FOR MORE INFORMATION, PLEASE CONTACT: Dodi B. Handy 407-682-2001 dodi ...
www.mary.cc/astn/cce.htm - 14k - Cached

Synthesis August 30th - September 5th
... Broker Relations, Dodi B. Zirkle, Continental Capital & Equity Corporation, 407-682-2001,
or dodi@insidewallstreet.com . SOURCE IFS International, Inc. (back). ...
www.cotidianul.ro/previous/1999/ synthesis/synthaug30sep5.htm - 41k - Cached

Public Reply | Prvt Reply | Mark as Last Read | File | Keep Previous 10 | Next 10 | Previous | Next


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:11:09 AM

By: what happens when the bids are gone

Undervalued Weekly Reporter Initiates Coverage:
OTCBB: LAIR

UWR ALERT: Since September 11th traveling by air has
become a combat zone. This Belgian airline carrier is
taking over Sabena's once coveted Brussels hub, creating
low-cost direct international routes and providing high
quality service. With all of its competitive advantages
L-AIR Holdings (OTC BB: LAIR) is destined to become the
"JetBlue" (NASDAQ: BLU) of Europe.

HOW TO BENEFIT FROM THE AIRLINE CARRIER/TRAVEL CRISIS
BY INVESTING IN HIGH GROWTH SAFE, SECURE and PROFITABLE
GLOBAL CARRIERS? L-Air Holdings, Inc. (OTC BB: LAIR) -
US$20M in revenue immediately from its first three routes.

Shares Outstanding-----------------22.305 Million
Shares in DTC----------------------4.5 Million
DTC shares m'gt friendly-------900k
DTC management shares----------3.2 Million
DTC shares in public float-----400k
Recent Price-----------------------$0.185
Year Low/Hi------------------------$0.09 - $0.185
Visist Website at lair.com

If you are a frequent or even some-time airline passenger
then you already know how important it is to not only
receive a low-priced fare, but to get the most expeditious
and friendly customer service possible. This is where most
international airline carriers have failed since September
11th. Now that war with Iraq is likely, further financial
crisis at most of the major airlines is also likely.
Alternative international air carriers flying under flags
from countries not likely to be the target of terrorist
attack are seeing their bookings increase dramatically.

So who benefits from this? The airline carriers in
countries such as Belgium, France, Norway and others
that, can operate safely and securely within this
framework, while not sacrificing customer service and
satisfaction through pricing. That is one of the reasons
why we believe L-Air Holdings, Inc. (OTCBB: LAIR) will
succeed particularly well in the short term. Long-term
we feel that the OTCBB: LAIR business model combined
with implementation by its impressive management team
and in-place financiers will bring much higher valuations
to this stock.

The Company's commitment to cost efficiencies and customer
satisfaction is at the core of its business model, just
like JetBlue (NASDAQ: JBLU), Southwest Air (NYSE: LUV),
and easyJet.com, all of whom are very successful within
their respective markets and industry leaders. This
international carrier is on the path to success. Fortune
Magazine recently stated that Southwest Airlines is the
all-time #1 successful investment. We feel L-Air Holdings
is on a similar path.

As recently reported in SPEEDNEWS (speednews.com),
the newsletter of record for the aviation industry,
L-Air Holdings is in the process of acquiring a European
airline, Belgium Universal Airways, in order to receive
an AOC (air operations certificate). Within one-month
of finalizing the acquisition currently being negotiated
and receipt of its AOC, expected to be complete by March 1,
2003, LAIR will operate two Airbus A340-300 aircraft over
three high-traffic routes. Contracts for these routes are
in place with tour operators and other agencies providing
an initial and immediate revenue stream of approximately
US$400k weekly, or annualized revenues in excess of $20
million from existing contracts.

Based in Brussels, Belgian Universal Airways, through
direct ownership by OTCBB: LAIR, is being transformed
into a low-priced passenger airline providing exceptional
customer service, much like its USA based counterpart,
JetBlue (NASDAQ: JBLU). The Company plans an aggressive
expansion campaign as led by its capable ex-Sabena staff
and management with its financier and 51% owner Universal
Capital Partners (UCP). UCP has already spent over US$5
million and committed an additional US$10 million in cash
to the Company's initial operating budget. UCP has also
signed leases with major aircraft manufacturers to provide
LAIR with at least 5-Airbus 340-300 aircraft by year-end.
UCP is a majority shareholder of LAIR.

LAIR expects to take delivery of the first two freshly
painted jets in April 2003 with the following routes to
be serviced:

Route 1) Brussels -to- Puntancana (Caribbean - one of
the heaviest European tourist destinations currently)

Route 2) Yervena -to- LAX (Contracts with Armenian agency
to provide this much needed service to be announced upon
successful completion of acquisition)

Route 3) Toronto -to- Montreal -to- Delhi, India (No
competition on this highly lucrative and much needed
route as of yet)

Three additional Airbus 340's are to be acquired through
leases in the Fall of 2003. The carrier proposes to launch
new operations from its Brussels hub in April 2003.

Ask anyone in the airline industry what is the most
promising source of revenue growth with the current
political situation and insurance cost nightmare for
U.S. and other majors and many will agree that small
carriers with high-traffic routes and good low
maintenance cost aircraft are the key. Focusing on
profitable long haul routes with low-cost maintenance
jets, while providing exceptional customer satisfaction
OTCBB: LAIR is one of these carriers. The Company's
commitment to cost efficiencies and customer satisfaction
is at the core of its business model, just like JetBlue
(NASDAQ: JBLU), Southwest Air (NYSE: LUV), and easyJet.com
all of whom are very successful within their respective
markets and industry leaders. This international carrier
is on the path to success.

About the Co. - Belgian Universal Airways, OTCBB: LAIR
Europe needs a safe and decent, well run Airline, managed
by highly qualified and experienced staff, that will
provide good service at a fair price for everyone. Since
the closure of Sabena in 2001 (the Belgian National
Airline) due to Swiss Air's bankruptcy (Swiss Air had
recently bought Sabena), there has been a need to revive
the once thriving wide International Flight Network based
in Brussels. In addition, since the September 11 tragedy,
carriers that are not terrorist targets are increasingly
being called upon to pick up these routes.

Through an acquisition of 49% of Belgian Universal Airways
by OTCBB: LAIR, UCP and Sabena's Captain Raymond Nicolai
are now preparing to meet this need. Universal Capital
Partners (UCP) is currently negotiating with the airline
to finalize an acquisition that will give UCP 51%
ownership, while 49% will reside with OTCBB: LAIR.

UCP is the single largest shareholder of OTCBB: LAIR
currently. This structure is necessary to meet ownership
requirements mandating that 51% of a European air carrier
be European owned.

Captain Raymond Nicolai has dedicated his life to Aviation
since 1968. He is an ex-Belgian Air Force fighter pilot
and is an instructor on many types of Aircraft including
the company's chosen A340. Captain Nicolai is bringing
many of the former Sabena management and staff that will
comprise the bulk of the company's 100 plus in number
workforce. These well trained ex-Sabena staff members
are dedicated to the Company's (OTCBB: LAIR) mission of
creating a new Belgian National Airline that represents
excellence in all aspects, including on-time flights,
the highest level of customer service, cost efficiencies
in operations and maximization of profitability for its
investors.

With the addition of many new international direct routes
to markets including Asia, Middle East, Africa, USA,
Canada, Caribbean and Europe the Company has a better
than average chance of achieving success due to the
lack of any competition servicing these routes currently.
Belgian Universal will operate a fleet of 5 Airbus
A340-300 aircraft capable of seating 220 Economy seats,
30 Business class full comfort pitch seat, and 10 First
class sleeperettes. All Belgian Universal's aircraft
feature roomy all-leather seats each equipped with
satellite phones and full individual multi-media systems
capable of delivering many different forms of
entertainment, including: a large selection of movies /
videos, music (MP3 and other format), computer/video games,
and the soon to be offered "on-board" Internet services.
All available at every seat along with the many high
quality amenities not found on existing air carriers
competing with the Company (OTCBB: LAIR).

With Belgian Universal, all seats are assigned, a good
percentage of travel is ticketless, all fares are one-way,
and a Saturday night stay is never required.

For more information, schedules and fares, please visit
Website at lair.com. Press releases, can be found on
the website at lair.com.

Airline industry experts agree that the most promising
source of revenue growth with the current political
situation and insurance cost nightmare for U.S. and
other majors is within the group of small carriers with
high-traffic routes and low-maintenance cost aircraft.
Focusing on profitable long haul routes with low-cost
maintenance jets, while providing exceptional customer
service, OTCBB: LAIR is one of these carriers. The
Company's commitment to cost efficiencies and customer
satisfaction is at the core of its business model, just
like JetBlue (NASDAQ: JBLU), Southwest Air (NYSE: LUV),
and easyJet.com, all of whom are very successful within
their respective markets and industry leaders. This
international carrier is on the path to success.


*** Special Financial-Stock Opt-in mailing list Offer ***

As a member of our special financial opt-in mailing list,
you will be among the first to receive up to the minute
information regarding the companies we profile above as
well as a free 10-day trial to a website with real-time
Level II quotes, research reports, OTC BB promo /
syndication calendar, trading chat rooms, full threading
message boards, along with many other valuable and free
investment tools not readily available to the general
public. This is an incredible opportunity! Just click
the link below to send us an email, and you will be
immediately added to our Opt-in list. Please be sure
that "opt-in" is in the subject line of the email. If
opt-in is not in the subject line you will not be added.
http://www.sanguostory.com/freetrail/ .
Thank you.


******************************************************
***********************Disclaimer********************
Information within this email contains "forward looking
statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21B of the Securities
Exchange Act of 1934. Any statements that express or
involve discussions with respect to predictions, goals,
expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance are not
statements of historical fact and may be "forward
looking statements."

Forward looking statements are based on expectations,
estimates and projections at the time the statements
are made that involve a number of risks and uncertainties
which could cause actual results or events to differ
materially from those presently anticipated. Forward
looking statements in this action may be identified
through the use of words such as: "projects", "foresee",
"expects", "estimates," "believes," "understands" "will,"
"anticipates," or that by statements indicating certain
actions "may," "could," or "might" occur. All information
provided within this email pertaining to investing, stocks,
securities must be understood as information provided and
not investment advice. Emerging Equity Alert advises all
readers and subscribers to seek advice from a registered
professional securities representative before deciding to
trade in stocks featured within this email. None of the
material within this report shall be construed as any
kind of investment advice.

In compliance with the Securities Act of 1933,
Section17(b), Undervalued Weekly Reporter discloses
the receipt of 167,500 unrestricted shares of LAIR
from a third party for the publication of this report.
Be aware of an inherent conflict of interest resulting
from such compensation due to our intent to profit from
the liquidation of these shares. Shares may be sold at
any time, even after positive statements have been made
regarding the above company. All factual information in
this report was gathered from public sources, including
but not limited to SEC filings, Company Press Releases,
and Market Guide.

Undervalued Weekly Reporter believes this information
to be reliable but can make no guarantee as to its
accuracy or completeness. Use of the material within
this email constitutes your acceptance of these terms.

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service We hold no stocks and hold no personal interest
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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:02:54 AM

By: cameron international

same quinn as cameron international ?


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/17/2005 8:48:15 PM

By: Kevin James Quinn banned again

Thread on Kevin James Quinn, Bluetorch, and Geneva Equities.
http://www.alabamaagainstfraud.com/phpBB/viewtopic.php?t=180


Thread on Stephen Taub and Possino
http://www.alabamaagainstfraud.com/phpBB/viewtopic.php?t=138


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 10:06:02 AM

By: brian slabogian

eron mortgage figure involved with vse listed southamptom (soh), guess who was the main broker


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 10:03:03 AM

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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:51:58 AM

By: and like that your money diappeared into thin air



L-AIR HOLDING, INC. (OTCBB: LAIR), Part II — AU REVOIR FRANCE, BONJOUR BELGIUM
Investigative Reports
February 17 2003

These would seem to be discouraging times for the airline industry. A poor economic climate, rising fuel costs, and the after effects of September 11, 2001 have created a crisis for many carriers. So why would anyone want to get into the airline business just now? L-Air Holding, Inc. (OTCBB: LAIR) seems determined to get up and flying. The Company already has something in common with operating airlines – money problems. As of August 31, 2002 L-Air had no cash, and there is no sign that it has become financially sound in recent months.

Still, as we saw in Part I of this series, in October 2002, L-Air announced its plan to acquire an interest in a French-based regional airline. That deal was terminated in February 2003, but the Company still clings to its dreams of a future in aviation. What’s next for L-Air? If it’s February, this must be Belgium.




An Airline Sprouts in Brussels
If at first you don’t succeed, fly, fly again. At least that seems to be the approach adopted by L-Air. On February 11, 2003, the Company announced that it had entered into final negotiations for 49% of Brussels, Belgium-based Belgium Universal Airline. The Company’s press release stated that all necessary steps had been taken to secure an “Air Operating Certificate” from Belgian aviation authorities.

But just what was the Company obtaining? Did Belgium Universal Airline have any assets – other than its name? The press release provided few details, and the Company has yet to file a Form 8-K or audited financial statements relating to the proposed acquisition.

According to the February 11th announcement, the airline would commence operations in April 2003, utilizing management and flight personnel from Belgium’s defunct national airline, Sabena, including a former Sabena pilot identified as Raymond Nicholai. L-Air did not indicate who would own the remaining 51% of the carrier, although it explained that the majority interest would be held by Europeans, in order to comply with existing requirements for European-based airlines.

Plans for the airline appear to be ambitious. According to the February 11th press release, the airline will operate a fleet of five Airbus 340-300 aircraft with First Class, Business Class and Economy sections, serving destinations in Asia, Middle East, Africa, USA, Canada, Caribbean and Europe. The Company claims its planes will have various amenities, including state of the art video and audio systems.

But while creature comfort and amenities are an admirable goal, and diverse routes sound appealing, there is no indication that the Company, or Belgium Universal Airline, presently owns or leases any aircraft – of any configuration. Indeed, we have been unable to find any sign that Belgium Universal Airline is an existing, operating air carrier, operating commercial planes, employing air and ground personnel, or maintaining a presence at any airport terminal.

The Company believes it can establish a niche as a small carrier servicing long-haul routes with low maintenance aircrafts. To support that view, it notes that “commitment to cost efficiencies and customer satisfaction is at the core of its business model, just like JetBlue” and other small regional services. The Company’s Internet site declares that L-Air is “destined to become the ‘JetBlue’ of Europe.”

Still, L-Air has not addressed critical problems that may confront this enterprise – starting with the Company’s lack of capital. As we noted previously, at last report L-Air had no money. Compare that with JetBlue. By the time it went public, Jet Blue was operating 108 flights per day and serving 19 cities. It maintained a fleet of new aircraft, and had raised $175 million in private equity transactions before its $165 million Initial Public Offering.

On the other hand, so far the Company has generated nothing but L’Air.



All’s Fare
On February 13, 2003 L-Air issued a press release announcing that Belgium Universal Airline had entered into an agreement to operate a weekly flight for a Belgian tour operator called VGAA.NV. The flight would travel from Brussels to Los Angeles, with stops in Yeravan, Armenia and Lyon, France.

The Company projected that the flights would generate revenues of $18 million a year, at a rate of $360,000 per week. It said that it had finalized negotiations to lease two Airbus A340-300 airplanes from an unnamed “major manufacturer,” and planned to start flying as soon as it received approval from the Belgian authorities.

Is this consistent with the Company’s commitment to “cost efficiencies?” A typical Airbus A340-300 airplane seats roughly 250 to 300 passengers. A full plane, carrying 300 passengers, would have to charge an average of $1,200 per person in order for the Company to receive $360,000. Of course, the per passenger cost will be even greater since this does not include the tour operator’s profit. As a practical matter, is VGAA.NV likely to fully book a plane each week, at these costs? How much will it cost the Company to operate each flight, lease the planes and purchase fuel? None of these questions are addressed in the February 13th press release.



Plenty of Partners
So far, the Company has not demonstrated any ability to raise sufficient funds to operate its business. It has, however, managed to find the means to promote its latest plans. On February 5th the Company issued a press release announcing that it had retained a company called Geneva Equities Ltd. to develop investor awareness and “contribute to funding, analyzing, structuring, negotiating and financing business acquisitions, joint ventures, alliances and other desirable projects of great value to the Company and its shareholders.”

The press release claimed that the relationship with Geneva Equities would “facilitate” the Company’s ability to raise the financing necessary to finalize its latest acquisition. It did not indicate how this might be accomplished. Nor did it identify any of the individuals involved with Geneva Equities, explain how the Company had developed the relationship, specify how Geneva Equities would be compensated for its services, or say where this new business partner was located. We were unable to find any details about Geneva Equities, although we did learn that a business using that name sought office space in Santa Monica, California in September 2002.

The Company also has referred to its relationship with a Toronto, Canada-based company called Universal Capital Partners (UCP). In its February 11th press release, the Company said that UCP was negotiating the acquisition of Belgium Universal Airline. It also identified UCP as the Company’s single largest shareholder.

That information seems to be at odds with the Company’s previous public disclosures. According to documents filed with the SEC, there were approximately 22.3 million shares of common stock outstanding as of August 31, 2002. Publicly filed documents indicate that the Company’s President, Alex Goldman of Toronto, Canada, is L-Air’s largest shareholder, with 15 million shares. He acquired that stock from his predecessor as president, Robert Rosner, in September 2002.

Stock Patrol readers may remember Robert Rosner as the President, Chairman of the Board, and largest shareholder of Money Club Financial, Inc., another struggling over-the-counter company with grand plans and virtually no cash. See Money Club Financial, Inc. – Money Business or Monkey Business?

And what is Universal Capital Partners? UCP is an investor relations firm located at 130 King Street West, Suite 3670, Toronto, Canada – the same office address and suite occupied by L-Air. UCP, L-Air, and Belgium Universal Airline also share a common telephone number.

UCP’s business, according to information we found on its website, is to help clients increase their profile with brokers, institutional investors, and the general public. In other words, the entity identified as the Company’s largest shareholder is in the promotion business.

The UCP website identifies two of the firm’s clients, one of which is L-Air. It does not, however, indicate that UCP owns L-Air stock. Is Alex Goldman associated with UCP, and if so, in what capacity? The UCP website does not say – and fails to identify who controls or manages that entity.

L-Air may welcome its associations with UCP and Geneva Equities, but the Company says that there are some relationships it wishes to sever. On October 30, 2002, L-Air announced that it had amended its Articles of Incorporation to prohibit its transfer agent from registering common shares in the names of the Depository Trust Company (DTC) or other securities clearing houses. DTC is the world’s largest securities depository, and provides a clearinghouse for the settlement of transactions.

The Company claimed that it was taking this action in order to force short sellers to cover their positions by purchasing shares in the open market. Theoretically, if shares held by DTC were distributed to brokerage firms, the brokers would discover that there were fewer certificates than shares outstanding, and could demand that investors buy stock to cover their short positions. It is not clear, however, that there has been significant naked short selling of the Company’s stock, or that the Company can circumvent the securities clearinghouses like DTC.



Investors Respond
If increasing investor interest was a goal, the Company certainly succeeded with its string of recent press releases. Those announcements may not establish that Belgium Universal Airline is an operating venture, or explain how a cashless company can finance an airline, but they apparently have generated activity for L-Air stock.

L-Air shares, which closed at 16 cents on February 6th (the day after the Company rescinded its plans for a French regional air carrier) soared to 22 cents a share on February 11th, the day the Company disclosed plans to acquire a piece of Belgium Universal. Share prices rose to 25 cents on February 13th, the day the Company announced its agreement with VGAA.NV. Once again, investors were content to purchase stock based upon minimal details of a vaguely defined relationship.

Volume has been increasing as well – from just 7,500 shares on February 5th to 474,300 on February 10th, 532,500 on February 11th and more than 1 million shares on February 13th.

For investors, the principal questions remain. Will there be a functioning airline? Where will it fly, and how will it pay the bills?

In other words, will the Company and its public shareholders be flying high or will Belgium Universal, and L-Air, be another aero-flop?







IF YOU HAVE QUESTIONS OR COMMENTS FOR STOCKPATROL.COM, CONTACT US AT editor@stockpatrol.com

All content © 2005


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:51:58 AM

By: and like that your money diappeared into thin air



L-AIR HOLDING, INC. (OTCBB: LAIR), Part II — AU REVOIR FRANCE, BONJOUR BELGIUM
Investigative Reports
February 17 2003

These would seem to be discouraging times for the airline industry. A poor economic climate, rising fuel costs, and the after effects of September 11, 2001 have created a crisis for many carriers. So why would anyone want to get into the airline business just now? L-Air Holding, Inc. (OTCBB: LAIR) seems determined to get up and flying. The Company already has something in common with operating airlines – money problems. As of August 31, 2002 L-Air had no cash, and there is no sign that it has become financially sound in recent months.

Still, as we saw in Part I of this series, in October 2002, L-Air announced its plan to acquire an interest in a French-based regional airline. That deal was terminated in February 2003, but the Company still clings to its dreams of a future in aviation. What’s next for L-Air? If it’s February, this must be Belgium.




An Airline Sprouts in Brussels
If at first you don’t succeed, fly, fly again. At least that seems to be the approach adopted by L-Air. On February 11, 2003, the Company announced that it had entered into final negotiations for 49% of Brussels, Belgium-based Belgium Universal Airline. The Company’s press release stated that all necessary steps had been taken to secure an “Air Operating Certificate” from Belgian aviation authorities.

But just what was the Company obtaining? Did Belgium Universal Airline have any assets – other than its name? The press release provided few details, and the Company has yet to file a Form 8-K or audited financial statements relating to the proposed acquisition.

According to the February 11th announcement, the airline would commence operations in April 2003, utilizing management and flight personnel from Belgium’s defunct national airline, Sabena, including a former Sabena pilot identified as Raymond Nicholai. L-Air did not indicate who would own the remaining 51% of the carrier, although it explained that the majority interest would be held by Europeans, in order to comply with existing requirements for European-based airlines.

Plans for the airline appear to be ambitious. According to the February 11th press release, the airline will operate a fleet of five Airbus 340-300 aircraft with First Class, Business Class and Economy sections, serving destinations in Asia, Middle East, Africa, USA, Canada, Caribbean and Europe. The Company claims its planes will have various amenities, including state of the art video and audio systems.

But while creature comfort and amenities are an admirable goal, and diverse routes sound appealing, there is no indication that the Company, or Belgium Universal Airline, presently owns or leases any aircraft – of any configuration. Indeed, we have been unable to find any sign that Belgium Universal Airline is an existing, operating air carrier, operating commercial planes, employing air and ground personnel, or maintaining a presence at any airport terminal.

The Company believes it can establish a niche as a small carrier servicing long-haul routes with low maintenance aircrafts. To support that view, it notes that “commitment to cost efficiencies and customer satisfaction is at the core of its business model, just like JetBlue” and other small regional services. The Company’s Internet site declares that L-Air is “destined to become the ‘JetBlue’ of Europe.”

Still, L-Air has not addressed critical problems that may confront this enterprise – starting with the Company’s lack of capital. As we noted previously, at last report L-Air had no money. Compare that with JetBlue. By the time it went public, Jet Blue was operating 108 flights per day and serving 19 cities. It maintained a fleet of new aircraft, and had raised $175 million in private equity transactions before its $165 million Initial Public Offering.

On the other hand, so far the Company has generated nothing but L’Air.



All’s Fare
On February 13, 2003 L-Air issued a press release announcing that Belgium Universal Airline had entered into an agreement to operate a weekly flight for a Belgian tour operator called VGAA.NV. The flight would travel from Brussels to Los Angeles, with stops in Yeravan, Armenia and Lyon, France.

The Company projected that the flights would generate revenues of $18 million a year, at a rate of $360,000 per week. It said that it had finalized negotiations to lease two Airbus A340-300 airplanes from an unnamed “major manufacturer,” and planned to start flying as soon as it received approval from the Belgian authorities.

Is this consistent with the Company’s commitment to “cost efficiencies?” A typical Airbus A340-300 airplane seats roughly 250 to 300 passengers. A full plane, carrying 300 passengers, would have to charge an average of $1,200 per person in order for the Company to receive $360,000. Of course, the per passenger cost will be even greater since this does not include the tour operator’s profit. As a practical matter, is VGAA.NV likely to fully book a plane each week, at these costs? How much will it cost the Company to operate each flight, lease the planes and purchase fuel? None of these questions are addressed in the February 13th press release.



Plenty of Partners
So far, the Company has not demonstrated any ability to raise sufficient funds to operate its business. It has, however, managed to find the means to promote its latest plans. On February 5th the Company issued a press release announcing that it had retained a company called Geneva Equities Ltd. to develop investor awareness and “contribute to funding, analyzing, structuring, negotiating and financing business acquisitions, joint ventures, alliances and other desirable projects of great value to the Company and its shareholders.”

The press release claimed that the relationship with Geneva Equities would “facilitate” the Company’s ability to raise the financing necessary to finalize its latest acquisition. It did not indicate how this might be accomplished. Nor did it identify any of the individuals involved with Geneva Equities, explain how the Company had developed the relationship, specify how Geneva Equities would be compensated for its services, or say where this new business partner was located. We were unable to find any details about Geneva Equities, although we did learn that a business using that name sought office space in Santa Monica, California in September 2002.

The Company also has referred to its relationship with a Toronto, Canada-based company called Universal Capital Partners (UCP). In its February 11th press release, the Company said that UCP was negotiating the acquisition of Belgium Universal Airline. It also identified UCP as the Company’s single largest shareholder.

That information seems to be at odds with the Company’s previous public disclosures. According to documents filed with the SEC, there were approximately 22.3 million shares of common stock outstanding as of August 31, 2002. Publicly filed documents indicate that the Company’s President, Alex Goldman of Toronto, Canada, is L-Air’s largest shareholder, with 15 million shares. He acquired that stock from his predecessor as president, Robert Rosner, in September 2002.

Stock Patrol readers may remember Robert Rosner as the President, Chairman of the Board, and largest shareholder of Money Club Financial, Inc., another struggling over-the-counter company with grand plans and virtually no cash. See Money Club Financial, Inc. – Money Business or Monkey Business?

And what is Universal Capital Partners? UCP is an investor relations firm located at 130 King Street West, Suite 3670, Toronto, Canada – the same office address and suite occupied by L-Air. UCP, L-Air, and Belgium Universal Airline also share a common telephone number.

UCP’s business, according to information we found on its website, is to help clients increase their profile with brokers, institutional investors, and the general public. In other words, the entity identified as the Company’s largest shareholder is in the promotion business.

The UCP website identifies two of the firm’s clients, one of which is L-Air. It does not, however, indicate that UCP owns L-Air stock. Is Alex Goldman associated with UCP, and if so, in what capacity? The UCP website does not say – and fails to identify who controls or manages that entity.

L-Air may welcome its associations with UCP and Geneva Equities, but the Company says that there are some relationships it wishes to sever. On October 30, 2002, L-Air announced that it had amended its Articles of Incorporation to prohibit its transfer agent from registering common shares in the names of the Depository Trust Company (DTC) or other securities clearing houses. DTC is the world’s largest securities depository, and provides a clearinghouse for the settlement of transactions.

The Company claimed that it was taking this action in order to force short sellers to cover their positions by purchasing shares in the open market. Theoretically, if shares held by DTC were distributed to brokerage firms, the brokers would discover that there were fewer certificates than shares outstanding, and could demand that investors buy stock to cover their short positions. It is not clear, however, that there has been significant naked short selling of the Company’s stock, or that the Company can circumvent the securities clearinghouses like DTC.



Investors Respond
If increasing investor interest was a goal, the Company certainly succeeded with its string of recent press releases. Those announcements may not establish that Belgium Universal Airline is an operating venture, or explain how a cashless company can finance an airline, but they apparently have generated activity for L-Air stock.

L-Air shares, which closed at 16 cents on February 6th (the day after the Company rescinded its plans for a French regional air carrier) soared to 22 cents a share on February 11th, the day the Company disclosed plans to acquire a piece of Belgium Universal. Share prices rose to 25 cents on February 13th, the day the Company announced its agreement with VGAA.NV. Once again, investors were content to purchase stock based upon minimal details of a vaguely defined relationship.

Volume has been increasing as well – from just 7,500 shares on February 5th to 474,300 on February 10th, 532,500 on February 11th and more than 1 million shares on February 13th.

For investors, the principal questions remain. Will there be a functioning airline? Where will it fly, and how will it pay the bills?

In other words, will the Company and its public shareholders be flying high or will Belgium Universal, and L-Air, be another aero-flop?







IF YOU HAVE QUESTIONS OR COMMENTS FOR STOCKPATROL.COM, CONTACT US AT editor@stockpatrol.com

All content © 2005


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:49:53 AM

By: l'air no care

Investigative Reports
February 15 2003

These are difficult times for the airline industry. Revenues are down, fuel costs are up, and passengers remain skittish about air travel. Increased security measures have created airport delays, and decreased airline services have prompted people to seek other means of travel.

The airlines are reeling. Some carriers in the U.S. have sought government loan guarantees, while others around the world teeter on the brink of bankruptcy or outright collapse.

So why is a tiny company called L-Air Holding, Inc. (OTCBB: LAIR) so keen to get into the airline business? So eager, in fact, that it recently announced its second attempt to acquire a European-based airline. L-Air Holding has no money, no revenues, and as best we can determine, no experience in the ownership or management of an air carrier.

Then again, it seems that the “airline” it is trying to acquire has no operating history and no planes.

Is this any way to run an airline?




Feeling Superior
L-Air’s interest in airlines represents a change of direction for the Company which, until recently, was known as Superior Networks, Inc. This latest venture marks a dramatic departure from the Company’s earlier business plan – an attempt to offer specialized training programs over the Internet.

The Company, which was formed in May 2000, planned to start out by providing driver training instruction over the Internet to senior citizens who were seeking to reduce their insurance costs by honing their driving skills. Superior Networks established an instructional website, called Superonlinetraining.com, and projected revenues based upon online advertising, course fees, and referral payments by insurance companies.

The Company had selected an unusual audience for its first Internet project; as a group, seniors do not utilize the Internet with the comfort or frequency of their younger counterparts. According to one study, as of the year 2000 only 13% of those over age 65 had Internet access, compared with 65% of those under age 30.

In any event, the Company’s Internet training business failed to develop, and Superonlinetraining.com (which no longer can be found on the Internet) never generated any revenues. As of August 2002, over eighteen months after it launched its website, the Company conceded that it lacked insufficient funds to commence development of its initial product. In fact, as of August 31, 2002, Superior Networks had no cash, did not anticipate generating any revenues in the near future, and had not identified any source for additional funding.

According to its Form 10-Q Report for the quarter ended August 31, 2002, failure to raise necessary funds in the immediate future would “at a minimum, prevent [Superior Networks] from fully developing [its] initial product and, in the worst case, cause [its] business to fail.” In the past, the Company’s auditors have expressed substantial doubt over its ability to continue as a going concern in view of its precarious financial position.

With no money in its accounts, no products in its pipeline, and no revenues on the horizon, what was the Company going to do?



French Fried
On October 15, 2002, the Company filed a Form 8-K with the Securities and Exchange Commission, disclosing plans to operate a French-based discount airline serving the Caribbean, the Indian Ocean, West Africa and North America. Superior Networks explained that it had entered into negotiations to acquire a 49% interest in AltitudePlus, S.A.S., a French charter airline operating under the name L’Air, that recently had been acquired in bankruptcy proceedings by a company called AeroPlus. The Company said it would change its name to L.Air Holding, Inc., to reflect the new business. (And no, our proofreaders have not fallen asleep. Although the French charter airline apparently spelled its name “L’Air,” Superior Networks changed its own corporate name to “L.Air Holding, and refers to itself as “L-Air Holding” in various press releases. To simplify matters, we will refer to the Company as “L-Air”).

How would the Company pay for its interest in the airline? Superior Networks said that it intended to issue 12 million shares of its common stock to AeroPlus, which would continue to own 51% of the airline. Indeed, on October 21st the Company announced that it had appointed two new members to its Board of Directors, including Jean Marie Gras, the current President of L’Air (the French charter carrier) and AeroPlus.

Exactly what was the Company getting for its 12 million shares? Neither the press releases nor the October 15th Form 8-K enumerated the assets of the acquired business. Was the Company obtaining anything more than the use of the name L-Air? The Form 8-K did not provide any financial statements, but promised that they would be filed within sixty days of the acquisition.

On October 29, 2002, the Company issued a press release declaring that it had completed the acquisition, and was engaged in negotiations to obtain interests in other airlines. At the time, the Company’s President, Alex Goldman, had this to say:


This is a great time to begin operating the first French ‘Low Cost’ long haul Airline around the Globe.


Mr. Goldman did not elaborate upon the basis for his belief. Considering the myriad problems facing the airline industry, it is unclear why this would be a “great time” for a struggling, unproven, and financially challenged company to enter the business.

The October 29th press release went on to say that the Company would operate Airbus A340-300 aircrafts, offer competitive prices, and provide a superior standard of service. There was no indication, however, that L-Air owned or leased any aircraft at the time, or that it actually operated a commercial air service to any destination. The Company, which at last report had no money and no prospect of imminent funding, did not say how it would pay the cost of leasing or purchasing aircraft, or the other anticipated expenses of operating an airline, like salaries for pilots, ground crews and other airline personnel.

Nor were such financial concerns addressed in a November 6, 2002 press release which claimed that L-Air had signed a letter of intent “with ILFC” to lease three Airbus A300-200 aircraft, valued at more than $200 million, to be delivered by January 2003. The press release did not identify IFLC, but those initials are used by the International Lease Finance Corporation, a subsidiary of American Financial Group.

The November 6, 2002 press release also stated that the Company was negotiating with Boeing, for an additional six aircraft that previously had been used by Singapore Airlines. It did not say whether L-Air planned to lease or purchase those aircraft, or explain who would provide the necessary funding for these acquisitions.

In any event, L-Air said it would commence operating flights to the French Caribbean during the coming winter. On December 2nd the Company reaffirmed that plan, announcing the opening of its online reservation site, and promising that travelers could reserve flights to three French Caribbean destinations commencing December 16th.

It was unclear, however, whether the Company intended to open its reservation system on December 16th or commence flights on that date. Since the Company did not expect any aircraft to become available before January 2003, it seemed unlikely that flights could begin before that time. L-Air reinforced that notion in the December 2nd press release, stating that it would “be operational very soon,” but declining to specify any date.

L-Air also said that it was about to initiate an advertising campaign “worth $500,000” in major French cities. The Company, which still had not explained how the airline would be funded, did not say how it planned to pay for the advertising effort.

The December 2nd press release said that the Company expected to add additional destinations, including cities in India and Canada, once it had obtained necessary clearances and licenses. It did not state whether it had received clearance from any city – including those in the French Caribbean - or whether it had secured landing slots at any airport.

And where were the financial statements that the Company promised to file within sixty days of the acquisition? The Company had declared the transaction completed on October 29, 2002. As the calendar turned from December 2002 to January 2003, audited financial statements had yet to be filed with the SEC.

The answers to those questions would never come. Instead, on February 5, 2003 the Company disclosed that it had reversed the acquisition due to “administrative and judicial complications” resulting from “the lack of cooperation of the French Civil Aviation Authorities for the re-issuance of the Air Transport Certificate of L-Air in Lyon-France.”

The Company would not be flying L-Air after all.

But that didn’t mean the Company had abandoned its desire to operate an airline. According to L-Air’s President Alex Goldman, the Company was engaged in the final stages of negotiations to acquire a substantial interest in another European airline business.

Was this venture any more likely to take off? As we will see in Part II of this series, it was not long before the press releases were flying.







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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 7:45:05 AM

By: no air in l'air

Investigative Reports
May 13 2005
Discount low-frills airlines have enjoyed a measure of success in recent years, with Jet Blue setting the standard and others, like Delta’s Song, riding its tailwinds. But the skies have not been friendly to all comers. We can think of two start-up airlines that never got off the ground –Baltia Air Lines, Inc. (Pink Sheets: BLTA) and L-Air, Inc (Pink Sheets: LAIR) – both of them featured in StockPatrol.com reports. See, Baltia Air Lines, Inc. — No Wings and a Prayer; L-Air Holding, Inc. Part I — The Plane Truth; and Part II - Au Revoir France, Bonjour Belgium.

Those two would-be aviation powers came to mind this week when we saw that Baltia Air had filed several Forms 10-Q - for the quarters ended, March 31, 2004, June 30, 22004, and September 30, 2004, and a Form 10-K for the year ended December 31, 2003. Granted the Company was late out of the gate with each of these filings, and still is not up-to-date, but to be fair it has been slow to hit the runway in every respect.

In any event, the prospects for a smooth takeoff remain dim – and remote. The Company still has not received certification for its planned route from the United State to Russia, and there is no reason to believe that approval will be forthcoming. With no planes, no routes, and no operations, the Company has no airline. Still, it managed to raise $160,000 between June and September 2004 by selling its common stock in a private placement – though it is difficult to understand who would invest in this wingless enterprise.

L-Air has retained no such pretensions of success. The airline – if you can call it that- has disappeared from the map. Its shares continue to trade on the Pink Sheets, at less than a penny a share, but no one is buying – and why should they. The Pink Sheets have been unable to contact the Company for current information, and its address and telephone number are “unavailable.”

In other words, while Baltia Air remains in an eternal holding pattern, it seems that L-Air has crashed and burned.



Anonymous
Posted: Friday, August 12, 2011

Posted: 11/20/2005 11:31:25 AM

By: jamie ( he was my top broker)

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
PRIMENET COMMUNICATIONS INC.,
RAYMOND J. HOMER,
ROBERT F. BLEASBY AND JAMES LAKS

STATEMENT OF ALLEGATIONS OF STAFF
OF THE ENFORCEMENT BRANCH OF THE
ONTARIO SECURITIES COMMISSION


Staff of the Enforcement Branch of the Ontario Securities Commission ("Staff") make the following allegations:

The Parties

1. The respondent, PrimeNet Communications Inc. ("PrimeNet"), has been a reporting issuer with the Ontario Securities Commission (the "Commission") since August 30, 1983. PrimeNet was incorporated on April 29, 1983 under the Business Corporations Act, R.S.O. 1990, c. B.16, as amended, as First Southern Resource Corp.

2. First Southern Resource Corp. changed its name to Antrex Holdings Corp. on April 15, 1993. Antrex Holding Corp. changed its name to Medican Pharma International Inc. on February 13, 1995. Medican Pharma International Inc. changed its name to PrimeNet on August 23, 1995.

3. The respondent, Raymond J. Homer ("Homer"), has been the President and Chief Executive Officer of PrimeNet since October 15, 1996 and is and has been a director of PrimeNet since August 14, 1995. Homer has been the Chief Financial Officer of PrimeNet since August 14, 1995.

4. The respondent, Robert Bleasby ("Bleasby"), was a director of PrimeNet from August 14, 1995 until July 29, 1997.

5. The respondent, James Laks ("Laks"), is and has been a director of PrimeNet since June 10, 1994.

6. David Austin ("Austin"), was the former President and former Chief Executive Officer of PrimeNet and is currently the Vice-President, Special Projects and a director of PrimeNet. Austin was also the president and a director of Linstok Capital Corp. ("Linstok"). Austin died on July 12, 1997.

7. Linstok is a company which had a consulting agreement with PrimeNet to provide the services of David Austin to PrimeNet.

Special Warrant Financing Transaction

8. In or about April, 1996, PrimeNet contacted Yorkton Securities Inc. ("Yorkton") in order to raise approximately $2 million through a special warrant financing transaction (the "Special Warrant Financing"). Yorkton agreed to underwrite the Special Warrant Financing to raise $6 million in such a manner as would provide PrimeNet with 40% of monies payable on closing and the balance payable when a receipt for the final prospectus was issued.

9. Yorkton's due diligence process identified issues which had to be addressed to Yorkton's satisfaction if it were to proceed with the Special Warrant Financing: (1) Austin owned a large number of PrimeNet shares which were not escrowed; (2) through Linstok, Austin had several marketing and consulting contracts with PrimeNet; and (3) Austin's annual salary of $250,000 was deemed too high for a start-up company.

10. Linstok's consulting agreement with PrimeNet dated August 1, 1995 provided that Austin's consulting fees would be increased to $300,000 annually if PrimeNet successfully concluded a financing. The annual discretionary bonus contained in the Linstok consulting agreement dated August 1, 1995 provided that a further bonus of fifteen percent (15%) of all funds raised, loaned or advanced to PrimeNet be paid to Austin. The Linstok consulting agreement dated July 11, 1996 provided for a discretionary bonus payment to Austin no less than once per year.

11. At a meeting between Yorkton and PrimeNet on June 17, 1996, PrimeNet and Austin agreed to address Yorkton's concerns by: (1) placing Austin's shares in escrow for three years; (2) cancelling Austin's marketing and consulting contracts with PrimeNet without condition or consideration by the closing date of July 11, 1996; and (3) reducing Austin's annual salary to $175,000.

12. On or about June 20, 1996, Austin, Laks, Homer and Bleasby, as PrimeNet's board of directors, approved a one time payment of $450,000 to Linstok as compensation for cancelling the previous marketing and consulting agreement with Linstok.

13. On or about June 20, 1996, PrimeNet filed a material change report with the Commission dealing with an unrelated matter but this material change report did not disclose the PrimeNet directors' resolution approving the $450,000 payment to Linstok. PrimeNet also failed to issue and file a news release disclosing this information.

14. On July 4, 1996, PrimeNet issued a news release (the "July 4 News Release") announcing that PrimeNet intended to issue 4,038,000 special warrants at a price of $1.50 per special warrant for aggregate gross proceeds of $6,057,000. The July 4 News Release indicated that Yorkton would be acting as PrimeNet's agent in connection with the Special Warrant Financing. The July 4 News Release also indicated that 40% of the aggregate proceeds of the offering, net of commissions and offering expenses, would be released to PrimeNet on closing and the remaining proceeds would be held in escrow and released on the earlier of: (i) satisfaction by PrimeNet of certain conditions in the Special Warrant Financing; and (ii) 24 months from the closing of the Special Warrant Financing.

15. The closing of the Special Warrant Financing occurred on July 11, 1996. Yorkton received releases from Austin and Linstok by which they released PrimeNet of any and all obligations relating to the marketing and consulting contracts.

16. On or about July 15, 1996, Austin delivered his share certificates to the escrow agent as requested by Yorkton in connection with the Special Warrant Financing.

17. On or about July 17, 1996, PrimeNet disbursed the $450,000 payment to Linstok by issuing a cheque in the amount of $357,000 to Laks in trust and a second cheque for $93,000 directly to Austin.

18. On or about July 18, 1996, the special warrant transaction was completed by the delivery by Austin of his share certificates to the escrow agent.

19. On or about July 18, 1996, PrimeNet issued a news release (the "July 18 News Release") announcing the completion of the issue of special warrants at $1.50 per special warrant. The July 18 News Release also stated that PrimeNet received $2,422,800 on closing with the remaining proceeds being held in escrow until PrimeNet satisfied certain conditions of the offering. It also stated that PrimeNet completed transactions which confirm that Austin would remain as PrimeNet's controlling shareholder. The July 18 News Release did not disclose the payment of $450,000 to Linstok.

20. On or about July 23, 1996, PrimeNet filed its offering memorandum dated July 2, 1996 with the Commission. This offering memorandum related to the Special Warrant Financing.

21. On or about July 26, 1996, PrimeNet announced a normal course issuer bid pursuant to which PrimeNet intended to acquire up to 100,000 common shares of itself. On August 14, 1996 and September 3, 1996, Yorkton's counsel complained to PrimeNet that a normal course issuer bid was inconsistent with purposes for which monies were raised by the Special Warrant Financing.

22. On or about September 6, 1996, PrimeNet filed its preliminary prospectus (the "Preliminary Prospectus") with the Commission to qualify the distribution of 4,038,000 special warrants issued July 11, 1996 at the price of $1.50 per special warrant. PrimeNet announced the filing of the preliminary prospectus in a news release dated September 13, 1996. The Preliminary Prospectus did not disclose the $450,000 payment to Linstok.

23. On or about September 19, 1996, PrimeNet filed its interim financial statements for the three month period ending June 30, 1996 with the Commission. These interim financial statements did not disclose the liability to make the $450,000 payment to Linstok.

24. On or about October 3, 1996, PrimeNet's auditors discovered the $450,000 payment to Linstok and advised PrimeNet that the liability for this payment should have been accrued in the financial statements ending June 30, 1996.

25. On or about October 4, 1996, PrimeNet's securities' counsel informed Yorkton's counsel of the $450,000 payment to Linstok.

26. On or about October 16, 1996, a confidential material change report was filed by PrimeNet's securities' counsel addressed to the office of the General Counsel of the Commission. The confidential material change report disclosed the $450,000 payment to Linstok. The confidential material change report stated that the $450,000 payment had not been disclosed in: (1) PrimeNet's offering memorandum dated July 2, 1996; (2) PrimeNet's preliminary prospectus dated September 6, 1996; or (3) in the materials mailed to shareholders in connection with the annual and special meeting of shareholders to be held on October 30, 1996. The confidential material change report stated that PrimeNet believed that premature disclosure of the material changes could prejudice PrimeNet's ability to give the special warrant holders comfort with respect to the non-disclosure of the $450,000 payment to Linstok.

27. On or about October 18, 1996, PrimeNet's securities' counsel was advised by staff of the Commission that the confidential material change report could not be kept confidential given that the Preliminary Prospectus had been filed and given that a news release had to be issued and the Preliminary Prospectus amended to reflect the adverse material change set out in the confidential material change report.

28. On or about October 18, 1996, staff of the Commission contacted the Canadian Dealing Network ("CDN") and CDN temporarily halted trading of the common shares of PrimeNet.

29. On or about October 23, 1996, PrimeNet withdrew the Preliminary Prospectus and issued a news release (the "October 23 News Release") announcing several developments relating to the Special Warrant Financing and the payment to Linstok. The October 23 News Release stated that: (1) the special warrant holders had the right to obtain a refund of their escrowed monies as PrimeNet had not given notice that adequate satellite transponder space had been secured for PrimeNet; (2) on July 18, 1996, PrimeNet made a payment of $450,000 to Linstok; (3) "no other officer or director of the Company will be receiving any incentive compensation, bonuses or options until 12 months after the successful launch of the Company's first network although the officers of PrimeNet and Linstok, under its new consulting agreement, will continue to receive base compensation payments"; (4) Yorkton's position is that the $450,000 payment to Linstok should not have been made since Linstok signed a termination of the original consulting and marketing agreements and all related obligations at the closing of the special warrant offering on July 11, 1996; (5) Yorkton has, among other things, demanded that Linstok repay PrimeNet in full, that Austin and Laks resign as officers and directors of PrimeNet, that Austin surrender sufficient shares of PrimeNet to the company for cancellation to reduce his holdings to a minority interest and that two nominees acceptable to Yorkton be appointed to the board of directors of PrimeNet; (6) Larry Steinman was appointed as an independent committee of the board given that Mr. Steinman was not on the board of PrimeNet on June 20, 1996 when the $450,000 payment to Linstok was authorized; (7) independent counsel concluded that the $450,000 payment to Linstok should have been disclosed in the offering memorandum and the preliminary prospectus; and ( independent counsel recommended that the special warrant purchasers should receive a notice from PrimeNet setting out fully the financial arrangements between PrimeNet and Linstok, that PrimeNet issue a news release disclosing the payment and that PrimeNet's prospectus be amended to include details of the payment.

30. On or about October 28, 1996, PrimeNet's board of directors passed a resolution that the $450,000 payment to Linstok be treated as an advance to be repaid by 300,000 PrimeNet shares held by Linstok (valued at the price of $1.50 per share).

31. On or about October 31, 1996, PrimeNet issued a news release (the "October 31 News Release") stating that PrimeNet had received notice from all of the special warrant purchasers purporting to exercise their rights of rescission in respect of the purchase of the special warrants and the return of their purchase proceeds. The October 31 News Release stated that it was PrimeNet's position that no rights of rescission exist.

32. On or about January 23, 1997, PrimeNet filed a material change report with the Commission which stated that PrimeNet had repurchased 60% of the issued special warrants from the purchasers.

Non-Disclosure of Information in Documents Filed by PrimeNet with the Commission

33. PrimeNet filed documents with the Commission which failed to disclose the following information: (1) the board resolution authorizing the $450,000 payment to Linstok dated June 20, 1996; and (2) PrimeNet's $450,000 payment to Linstok on July 18, 1996.

34. The information referred to in paragraph 35 above ought to have been disclosed by PrimeNet in each of the following documents filed with the Commission:

offering memorandum dated July 2, 1996;

Preliminary Prospectus dated September 6, 1996;

interim unaudited financial statements for the quarter ending June 30, 1996; and

the materials sent to shareholders in connection with the annual and special meeting of shareholders to be held on October 20, 1996.

35. The non-disclosure of the $450,000 payment in the Preliminary Prospectus constitutes a breach of subsection 54(1) and clause 122(1)(b) of the Act.

36. The non-disclosure of the board resolution authorizing the $450,000 payment to Linstok in the confidential offering memorandum and in the interim unaudited financial statements constitutes a breach of clause 122(1)(b) of the Act.

37. The Preliminary Prospectus failed to comply with the requirements of the form and content for prospectuses as required by subsection 54(1) of the Act. Specifically, the Preliminary Prospectus failed to meet the requirements of Form 12 of Regulation 1015 for: (1) Item 5 - Use of proceeds to issuer; (2) Item 22 - executive compensation; and (3) Item 23 - Indebtedness of directors and senior officers.

38. Austin, Homer, Bleasby and Laks, as officers and/or directors of PrimeNet, were aware of and/or authorized, permitted or acquiesced in the commission of offences under subsection 54(1) and clause 122(1)(b) of the Act by PrimeNet contrary to subsection 122(3) of the Act.

Breaches of the Continuous Disclosure Obligations of the Act

39. The PrimeNet board resolution dated June 19, 1996 and the subsequent payment of $450,000 to Linstok as described in paragraphs 10, 14 and 15 above were material changes in the affairs of PrimeNet for which a news release and material change report were not issued forthwith after the material change contrary to subsections 75(1) and 75(2) of the Act.

40. PrimeNet improperly relied on the filing of the confidential material change report filed with staff of the Commission on October 16, 1996 once the payment of $450,000 to Linstok was disclosed by PrimeNet's accountant.

41. PrimeNet failed to file a news release or a material change report or news release regarding the PrimeNet Board resolution dated October 28, 1996 which provided that the $450,000 payment to Linstok be treated as an advance to be repaid by 300,000 shares of PrimeNet held by Linstok, contrary to subsections 75(1) and 75(2) of the Act.

42. Austin, Homer, Bleasby and Laks, as directors and/or officers of PrimeNet were aware of and/or authorized, permitted or acquiesced in the commission of offences under subsections 75(1) and 75(2) of the Act, contrary to subsection 122(3) of the Act.

Conduct Contrary to the Public Interest

43. The conduct of PrimeNet, Linstok, Austin, Homer, Bleasby and Laks was contrary to the public interest in that:

the conduct of PrimeNet was contrary to sections 54(1), 75(1), 75(2) and 122(1)(b) of the Act;

Austin, Homer, Bleasby and Laks were aware of and/or authorized, permitted or acquiesced in the commission of the above-noted offences by PrimeNet contrary to section 122(3) of the Act; and

such other allegations as staff may make and the Commission may permit.





November 28, 1997.






Anonymous
Posted: Friday, August 12, 2011

Posted: 11/20/2005 11:27:44 AM

By: rabbi kaufman

can't believe it. A rabbi stole my money. A rabbi stole my money."
-- comments of prominent Jewish American mobster Joseph "Doc" Stacher, arrested over the years for "atrocious assault and battery, robbery, burglary, larceny, bootlegging, hijacking and murder," then an Israeli citizen after being deported from America in 1965. These comments were made upon winning a lawsuit after being swindled by Rabbi Menachem Porush of the ultra-Orthodox Agudat Israel Party.
Robert Rockaway,
But -- He Was Good to His Mother. The Lives and Crimes of Jewish Gangsters, Gefen, Jerusalem, 1993, p. 116-117

"Four years ago, Jewish banks in the Jewish state conspired in what has become known as Israel's bank shares scandal. Of the four banks, one was owned by Histradut [Israel's labor federation], one by the Jewish Agency, and one by Mizrachi. Last year, a New York yeshiva that was the seat for a grand rabbi was involved in a money-laundering scheme for area businesses. Some of them were reported to be illegal. Two officials of the school wer indicted and convicted. This year a prominent Wall Street figure and a lay leader of the New York Jewish community pleaded guilty to insider trading violations on what is said to be a massive scale. Several others have since been indicted -- and most so far are Jewish. And then there are the various corruptions plaguing New York: public officials betraying the public trust by lining their own pockets -- and, or so it would seem, almost all of them Jewish."
Jewish Week,
5-15-87, p. 25

"The scant attention [popular author Irving Howe] paid to Jewish crime in World of Our Fathers, his magisterial study of the [Manhattan Jewish] Lower East side is a good example of the amnesia American Jews show about this part of their history."
Charles Silberman,
A Certain People. American Jews and Their Lives Today, Summit Books, NY, 1985

In 1994, in the (Jewish) Forward's list of the most important Jewish American leaders, Shoshana Cardin was noted as "chief of staff of American Jewry" and "past chairman of almost everything," from the United Jewish Appeal to the National Jewish Center for Learning and Leadership. The Forward also noted that she "stood by her husband [Jerome Cardin] with dignity when he went to prison for his role in a Maryland savings-and-loan scandal." [FORWARD, p. 11-18-94, p. 11] Cardin was released from prison early for medical reasons, but an associate -- Jeffrey Levitt -- spent seven years behind bars. Levitt, who was active in Jewish charities which fueled his "concurrent rise in Baltimore's Jewish community," was well known in the 1970s "as one of Baltimore's most audacious slumlords." As president of the Old Court Savings and Loan Association, he was involved in what one prosecutor termed as possibly "the largest fraud in the history of the state of Maryland."
Donald Baker,
The Extravagant Lifestyle of Old Court's Levitt, Washington Post, August 11, 1985, p. A1

"Honesty, fidelity, modesty, conscience, courage, altruism, love are not unknown in the gentile world past and present. That these qualities have survived and sometimes even prospered is largely due to the insertion of the Jewish people into history."
Shalom Carmy,
Jewish author,
Religious Zionism: A Symposium, Tradition magazine, 1994,
p. 45]

The avalanche of financial fraud and corruption in Orthodox Jewish circles pushed the Jewish Observer, a periodical of the Agudath Israel Orthodox organization, to devote some space to the subject in its Summer 1997 issue. "What might the sin of our day be?" wondered Rabbi Aaron Brafman of Yeshiva Derech Ayson in Queens (which had itself come under investigation for embezzlement a few years earlier), "... I submit that the new sins to be concerned about are those of geeiva and gezeila (thievery and robbery) -- dishonesty in money dealing."
[J. J. Goldberg,
Thou Shalt Not Steal, The Jerusalem Report,
October 16, 1997, p. 40]
Ironically, one of Agudath Israel's featured speakers at a yearly gathering two years before was David Schick, an Orthodox investment counselor, who lectured about ethics in business. He also chaired that Agudath Israel of America national convention. A year later he himself, notes the Jewish Week,
"was accused of swindling at least $150 million from hundreds of Orthodox Jewish investors ... in a massive real estate investment scam...
[His] potential cooperation with law enforcement authorities is sending shivers throughout the frum [Orthodox] world because of potential
involvement by the Internal Revenue Service into investors who used unreported cash in the investment scam."
Eric Greenberg,
Schick Scandal Shocker ..., Jewish Week, May 17, 1996,
p. 6

"Stamford Hill-based Hachzokas Torah Vechesed is the latest strictly Orthodox charity to be rapped by the Charity Commission over management issues. An inquiry was launched after commission officials were alerted by the charity's bank to an attempted withdrawal of more than 40,000 [pounds] in cash. Concerned at such a large amount, the commission discovered that the money had been kept "for a visiting rabbi to take to Israel,' according to its official report published this week. 'It was clear that this money was not the charity's property and that the charity had been simply used as a conduit for funds ... Eleven strictly Orthodox charities have been the subject of reports published by the commission in the last two years."
(Rocker, Simon. Watchdog's Criticism of Orthodox Charity. Jewish Chronicle (UK), November 8, 2002, p. 6)

Kiryas Joel Rocked By Federal Raid. The Jewish Week. April 6, 2001
"Federal agents converged on the upstate Chasidic community of Kiryat Joel last Thursday, sealing off part of the community in an early morning raid to catch an alleged ring of swindlers."

Voter Fraud in KJ Continues, Investigation Shows.
The Times Herald-Record [New Jersey], October 17, 1997
"Voter fraud in Kiryas Joel is more widespread than once suspected and persisted last year despite officials' assurances they would stop it. The fraud extends into three counties, involves more than 170 fraudulent votes and occurred in most of the village's election districts. Little has changed since The Times Herald-Record last year uncovered what authorities say is the largest double-voting scandal of its kind in New York. In fact, it could happen again in next month's elections. The Record reported last year that 84 people's names and dates of birth were used 121 times to vote in two different places - Kiryas Joel and Brooklyn - in the same election. In other words, each name counted for two votes."

Judge Slams Silence on $42m Fraud.
The age.com [Australia], October 14, 2000
"The true beneficiaries of a $42 million money-laundering scheme were at large and masquerading as reputable citizens, a judge said when jailing the head of a Melbourne Jewish family who controlled the conspiracy ... Transfers of up to $7 million a year before [Nachum] Goldberg's arrest in 1997 were made under the guise of a fake religious charity, United Charity, and secreted in bank accounts in Israel and Switzerland. During the long investigation and court proceedings, the Goldbergs refused to give information that would identify the tax evaders whose money was laundered ... The judge criticised the Israeli Government over the case. "When the investigators tried to follow the money trail they hit a brick wall in the form of the refusal of the Israeli Government or the Israel banks to cooperate," he said. He said Goldberg's accomplice in Israel was his brother David, a bank manager."

Millionaire NY Fraud Suspect on the Run.
Line of Duty, November 15-21, 1999
"A millionaire businessman who once owned part of Studio 54 and was partners with the owners of the Scores strip club is the target of an international manhunt after jumping bail in Florida. The search is on for convicted millionaire Sholam Weiss. The FBI and insurance regulators are offering $120,000 reward for information leading to the capture of Sholam Weiss, 45, who fled Oct. 18 while a federal jury weighed his fate in the nation's largest-ever insurance fraud. Weiss was convicted Nov. 1 — along with three of his four co-defendants — of racketeering, fraud, money laundering and other charges and faces life in prison in the looting of the National Heritage Life Insurance Co. The company collapsed in 1995 under the weight of the $450 million theft. Many of the company's 35,000-40,000 policy holders lost much of their life savings. 'This man was essentially a financial predator, and National Heritage was only the last in a long string of victims,' said Assistant U.S. Attorney Judy Hunt."

Yeshiva and the Mob. New York Daily News, September 7, 2001
"A mob-controlled strip club used a yeshiva [Jewish religious school] run by the city's biggest Hasidic sect to launder cash for crime boss John A. (Junior) Gotti, federal prosecutors have charged. The scheme orchestrated by the owners of Scores, the upscale strip club, apparently was carried out without the knowledge of the Satmars, the sect that operates Yeshiva Yetev Lev D'Jerusalem of Williamsburg, Brooklyn. At least one yeshiva board member, Isack Rosenberg, served as a conduit for the cash, but says he had no idea it was going to Gotti ... Rosenberg's lawyer, Samuel Burstyn, said his client deeply regrets involving the yeshiva in the transaction."
[Same Isack Rosenberg?: From the Orlando Business Journal, February 11, 2000. Scroll down to COURTS: "U.S. District Judge Patricia Fawsett rejected a request to order a New York businessman to repay $3 million to policyholders left high and dry by the looting of National Heritage Life Insurance Co. Isack Rosenberg is among those convicted of stealing $400 million from the insurer."]

Sheetrit Appeals 'Berger Law' Vote. Jerusalem Post, June 28, 2001
"[Chaim] Berger, 75, fled to Israel just before US authorities issued a warrant for his arrest on charges of fraud and forging documents. According to the United States, Berger and several other members of the New Square, New York, hassidic community bilked the government out of millions of dollars from various assistance programs. The most important of the affairs involved education grants for an institution that essentially existed only on paper. Berger allegedly arranged for members of the community to be registered as students for the institution which he claimed was a large college, when in fact it was a small yeshiva. The students received grants for their tuition and the money was allegedly returned to Berger and his friends and used to build up New Square institutions. Another of the charges against him involved fraud against the Small Business Association. In the 1990s, the US authorities launched a massive investigation against Berger and his colleagues. In 1997, shortly before the indictment against him was served, he fled to Israel and became an Israeli citizen."

Robin Hood Rabbi Jailed in Israel. Toronto Star [Canada] [article posted here at a discussion forum], May 26, 2000
"An ex-Montrealer known as the Robin Hood Rabbi has drawn a seven-year term in Israel for fraud involving an estimated $200 million ... The rabbi [Joseph Prushinowski] allegedly distributed his ill-gotten gains to unwitting Hasidic communities around the globe for housing, education and charitable causes. Prushinowski lived in the Montreal area with his wife and 12 children from the early 1960s until he fled in 1987. The only exception was a three-year prison sentence served in New York in the early 1980s for obtaining $1.5 million US through worthless cheques. While here, he conducted worldwide frauds by telephone, fax and telex. When he fled to Israel, he was wanted by RCMP, the FBI and Scotland Yard as well as New York and Dutch police. He was also profiled on the popular U.S. TV program Unsolved Mysteries."

Scam Costs Bd. of Ed. 6M: Probe. New York Daily News, April 16, 1999
"A Brooklyn rabbi stole $6 million from the Board of Education by putting 81 no-show employees on the board payroll in a 20-year scam that benefited his religious school, Special Schools Investigator Ed Stancik charged yesterday. Rabbi Hertz Frankel — principal of the 4,000-student Beth Rachel all-girls school in Williamsburg — pleaded guilty last Friday to a felony charge to commit mail fraud. Stancik charged that Frankel scammed $4.3 million in salaries and $1.9 million in medical benefits for no-show employees over two decades. Most of the money went to the religious school, Stancik said. He said about half the cash is still missing. At least 83 women got board paychecks, kicked back the money to Frankel and used the medical benefits, 'but never set foot in a public school,' Stancik said."

Group Says Aide 'Tarred' N.Y. Chasids. [Jewish] Forward, February 2, 2001
"A federal prosecutor who objected to several names on President Clinton's last-minute clemency list is now under attack from Jewish groups that accuse her of 'tarring' all Jews as potential criminals. The prosecutor, Assistant U.S. Attorney Deborah Landis of New York, reportedly urged the White House in a January 16 letter not to commute the sentences of four chasidic men convicted of stealing government student-aid and other funds, claiming the clemency would 'send a message to that worldwide community that its pursuit of its own religious customs justifies fraud against the government.' The letter, obtained by the Associated Press but not released, prompted angry retorts from two groups that seldom agree with one another: the Jewish Council on Public Affairs, a liberal-leaning coalition of national agencies, and Agudath Israel of America, an Orthodox advocacy group. Both accused Ms. Landis of stereotyping a group because of the actions of a few ... In a possible reflection of the sensitive nature of the dispute, however, no other Jewish organizations were willing to comment on the Landis letter, including such normally outspoken agencies as the Anti-Defamation League and the American Jewish Congress. The ADL had objected once before to a federal investigation of student-aid fraud by Orthodox groups, arguing that a 1993 probe risked creating an image that such fraud was characteristic of a particular community, only to be told by federal officials that it was."

Huge Tax Scam Exposed, Montreal Gazette, September 21, 2000 [the Montreal Gazette doesn't keep its articles in its archive for longer than three months. The beginning of the article, as quoted below, was posted at the online journal USA Jewish. [The complete article can be found at freedomsite.org]
"Hundreds of people and businesses in Montreal's Jewish community are to face criminal charges or be required to pay tens of millions of dollars in evaded taxes as a result of a guilty plea yesterday in a Saint-Jerome court. The guilty plea by a religious group connected to the Hasidic community in suburban Boisbriand capped a two-year investigation of what federal tax auditors say is the largest-ever tax fraud involving a religious organization in Quebec. The religious group, which is known as Construit Toujours Avec Bonte and has links to the Montreal Rabbinical College, pleaded guilty to issuing tax receipts for charitable donations that overstated the amount of the donation. A senior Montreal construction executive blew the whistle on the scam when he approached Revenue Canada, now part of the Canadian Customs and Revenue Agency, with taped information in 1997. The resulting investigation saw federal tax sleuths seize about $60 million in phony receipts from individuals and businesses in the Jewish community, court documents say. Joseph Gutstadt, president of Magil Construction International, the whistle-blower who exposed the fraud, said in a telephone interview last night from Israel: 'I'm happy that, at the end of the day, justice has prevailed.' But Gutstadt said he was disappointed that Construit Toujours was fined only $400,000, and that none of the administrators of the organization or the rabbinical college were charged."

Rabbi's Criminal Record Raises Questions in Community.
Raleigh News and Observer [North Carolina], June 18, 2001
"A rabbi who was convicted of a felony 10 years ago said Thursday that he intends to stay in town and minister to students on the University of North Carolina campus. Pinchas Lew, known as Pinny, has faced growing criticism this past month from the Jewish community after the discovery of his involvement in an attempted armed robbery. Lew acknowledged his role as the get-away driver in an armed robbery that took place in Decorah, Iowa. In the course of that robbery, a convenience store clerk was shot but survived. Lew, a Hasidic rabbi, [is] part of the Orthodox Jewish sect known as Lubavitch, lives in a house on Park Place called Chabad where he conducts services ..." AND Rabbi Facing Assault Charges Will Go on Leave. Raleigh News and Observer, June 17, 20001. "A Hasidic rabbi who was arrested this week and charged with exposing himself to a woman in his home will take a leave of absence from his ministry to students, a colleague said Thursday. Pinchas "Pinny" Lew, 31, was charged Tuesday with misdemeanor assault on a female. A member of the Orthodox Jewish sect Lubavitch, Lew conducted services for University of North Carolina students in his Park Place house. His senior colleague in Charlotte, Yossi Groner, the first Lubavitcher rabbi in the Carolinas, said he received a fax from Lew on Thursday announcing his intention to take a leave of absence."

Rabbi Involved in Robbery Now Accused of Exposure.
Jewish Telegraphic Agency, July 13, 2001
"A North Carolina community, already reeling from the news that a local Chassidic rabbi took part in an armed robbery a decade ago, is now dealing with the rabbi's recent arrest for indecent exposure. Rabbi Pinchas Lew, 31, of Chapel Hill, was arrested on misdemeanor assault charges on May 16 after a woman accused him of repeatedly touching his genitals in front of her. The woman, a housekeeper in Lew's home, reportedly said Lew had bolted all the doors and that she feared he planned to assault her. She managed to escape through a back door. The woman filed a complaint with police two days later and Lew was arrested four weeks after the incident. He was released on a $1,000 bond. Lew, married with five children, led religious study and frequently held services in his home for college students ... After the local community learned about the Postville incident [the Iowa town where Lew was involved in the robbery], more than 100 members of the local Jewish community attended a meeting to hear Lew talk about his criminal past. Coincidentally, that meeting occurred on the same day he allegedly assaulted the woman in his home. ."

Rabbi Awaits Trial for Wife's Murder. Jewish Bulletin, July 13, 2001
"The 59-year-old [Rabbi Fred J.] Neulander stands charged with capital murder and conspiracy to commit murder in the Nov. 1, 1994 bludgeoning death of his wife, Carol, in their Cherry Hill, N.J., home ... If convicted, he could face the death penalty ... Len Jenoff, 54, [is] the former private investigator who came forward in May 2000 and confessed that he and an accomplice, Paul Michael Daniels, 26, had beaten Carol Neulander to death at the rabbi's behest ... At the same time Jenoff alleges the rabbi was talking to him about the possibility of murdering Carol Neulander, Jenoff was fabricating scenarios claiming that he was a CIA agent and was being considered for Israel's espionage agency, the Mossad."

Latest from Rabbi on Trial for Murder: A Book,
USAJewish [originally at New York Times], November 5, 2001
"As he awaits a verdict in his murder trial, Rabbi Fred J. Neulander has published a book on how to be a good rabbi. The 288-page book, 'Keep Your Mouth Shut and Your Arms Open: Observations From the Rabbinic Trenches,' is published under the pseudonym Rabbi Adam Plony. Today the book was made available for mail order on the Internet, at www.disc-us.com. Elizabeth Trupin-Pulli, publisher of Disc-Us Books in Sarasota, Fla., confirmed that the book was the work of Rabbi Neulander, but said it had been in the works for years, and its publication was unrelated to the murder case. 'The book stands up on its own and is an interesting look at the day-to-day issues faced by rabbis and other clergymen,' she said. Rabbi Neulander, 60, who headed a synagogue in Cherry Hill, N.J., is accused of arranging the killing of his wife, Carol, in November 1994. If convicted, he could face the death penalty. The jury ended its third day of deliberations today in State Superior Court here without reaching a verdict, and will take Tuesday off while the New Jersey courts are closed for Election Day."

Last in a Series: 'Conspiracy of Silence' Fuels Rabbi's Sexual Misdeeds.
Jewish Bulletin of Northern California, November 1, 1996
"When women charge sexual exploitation by a rabbi, a conspiracy of silence often ensues. The secrecy protects the perpetrators, leaving victims alienated. Victims who speak out often find themselves ostracized by their religious communities. And they say that when they turn to the rabbi's professional association or their movement's congregational organization, they feel unwelcome ... At the congregational meetings that follow allegations of rabbinic sexual misconduct, synagogue members often ostracize accusers. Some accusers have been called 'liars,' 'whores' and worse, she said ... In one highly publicized case, Michele Samit -- who does not claim to be a victim of rabbinic sexual misconduct -- says her community vilified her after she wrote a book about the relationship between Anita Green and Green's rabbi, Steven Jacobs. Green was the president of Shir Chadash/The New Reform Congregation in Los Angeles when she was murdered in 1990. Her husband, Mel Green, was convicted of ordering the killing, and is now serving a life sentence without the possibility of parole."

Chassidic Rabbis Implicated in Colombia Drug Raid.
Jewish Bulletin of Northern California, June 20, 1997
"[Rabbi Bernard 'Beirish'] Grunfeld, 64, president of the Bobover yeshiva and an executive director of Bobov's New York institutions, said nothing as federal prosecutors charged him and 11 others in a conspiracy to launder millions of dollars in illegal drug profits for Colombian drug dealers through the bank accounts of the yeshiva and synagogue of Bobov. The largest Chassidic sect in Boro Park and the second largest in the state after Satmar, it has perhaps as many as 30,000 adherents. The complaint charges that Grunfeld and Rabbi Mahir Reiss, 47, laundered tens of millions in drug money through the bank accounts of the Bobover Yeshiva, Congregation Eitz Chaim and Chaim Shel Shulem, believed to be a free-loan society and apparently located at the Bobover World Headquarters on 47th Street. They are accused also of helping the drug dealers buy an airplane that is commonly used to transport illegal drugs. The rabbis and others allegedly skimmed 15 percent to 18 percent of each transaction for themselves, federal officials said."

Anguish of Victim Who Took Drug Rabbi's RX,
New York Post, August 12, 2001
"For three long years, Jean Brigleb saw top-flight specialists, took the prescription pregnancy drugs Pergonal and Metrodin and followed every instruction to the letter - and still didn't get pregnant. What the former West Village woman did get was vomit-inducing nausea and head-splitting migraines. She only recently found out why. Rabbi Moshe Millstein of Borough Park, who was sentenced last week to four years in prison, had sold $4.1 million worth of contaminated drugs to pharmacies throughout the city and the nation in a monstrous scheme to get rich quick ... Last week, an angry federal judge told Millstein, 'You might as well have been selling cocaine or crack - at least those folks knew what they were getting,' before imposing the prison sentence. Federal prosecutor Ken Breen said at trial that Millstein smuggled the drugs from overseas and had them repackaged as FDA-approved medicines. 'He's a lying, manipulative criminal,' Breen charged. No one knows exactly how many victims there are because investigators couldn't track them all down."

Jail Deal for Rabbis in Holcaust Scam. New York Post, August 10, 2001
"A Brooklyn federal judge reluctantly agreed to a plea deal yesterday in which two Brooklyn rabbis - one a former adviser to then-Mayor Ed Koch - will serve 33 months in prison for swindling hundreds of thousands of dollars earmarked for Holocaust survivors. Noting the 'wanton fraud and venality' of rabbis stealing from Holocaust victims, U.S. District judge Raymond Dearie said he 'might think twice about buying into this agreement,' but said he'd been swayed by the two rabbis' apparent lifelong service to the Hasidic communities in Brooklyn ... Rabbis Jacob Bronner, 51 - who served for 12 years as Koch's unpaid adviser - and Rabbi Efroim Stein, 55, controlled the non-profit Project Social Care. The group received a $2.5 million grant in 1995 from the U.S. Department of Housing and Urban Development to create a counseling program 'tailored to meet the needs of elderly Holocaust survivors,' helping them 'deal directly with the Holocaust experience.' The rabbis then paid grant money to the Council of Jewish Organizations of Borough Park in a deal in which the council kicked back the cash to businesses controlled by Bronner and Stein. Several COJO officials were convicted of fraud in the late 1990s. The pair also paid for nonexistent goods and services from companies


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/19/2005 8:48:32 PM

By: david boker

Do you think revenue Canada has caught on to some of Taub's canadain clients using offshore companies?What about his new business venture as a transfer agent for penny stock husksters.Now that he isn't a broker any longer will he drift into the boiler room world.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 11:12:48 AM

By: bruce lewis

http://ntltrust.com/ Taub is in deep with these bone heads.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/18/2005 10:48:42 AM

By: don rutledge

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16681/ September 6, 2000

SEC CHARGES CANADIAN STOCK PROMOTER AND COLORADO "SHELL" BROKER IN
STOCK MANIPULATION SCHEME

Securities and Exchange Commission v. Donald Rutledge and Gregory
Skufca (United States District Court (D. Colo.) 00-K-1751).

The Securities and Exchange Commission announced today that it filed
civil securities fraud charges against Donald Rutledge, a Canadian
stock promoter, and Gregory Skufca, a Colorado "shell" broker. The
Commission charged that Rutledge and Skufca illegally manipulated the
stock of Snelling Travel, Inc. on the OTC Bulletin Board in December
1999. According to the Commission's Complaint, the manipulation took
Snelling from a market capitalization of $105,000 in mid-December to a
theoretical market capitalization of over $93 million less than two
weeks later. The Commission alleged that Skufca reaped at least
$500,000 in illicit profits from the scheme. This action is part of
the fourth nationwide Internet fraud sweep conducted by the Commission
since October 1998.

The Complaint, filed in the U.S. District Court for the District of
Colorado, alleges as follows

During the relevant period, Plus Solutions, Inc., was a privately held
client of Rutledge. Plus Solutions had no business operations, but
purportedly aspired to enter the electronic commerce business. Under
agreements with investors in Plus Solutions, Rutledge was obligated to
engineer a merger with an unidentified public shell that would enable
the Plus Solutions investors to receive stock that traded publicly at
a price above $4.50 per share.

Skufca controlled the stock of Snelling, which was located in the home
of its sole employee and had no revenues from operations. Skufca and
Rutledge agreed to merge Snelling with Plus Solutions. The merger was
designed to take Plus Solutions public without a registered offering.
On December 15, 1999, Rutledge and Skufca caused a press release to be
issued which announced the merger, whereby these two companies would
combine their non-existent operations. The press release also
announced an immediate 29 1 split of Snelling stock, which would
increase the float to 15.3 million shares.

On the morning of December 16, the sole market-maker in Snelling (whom
Skufca had recruited) quoted the stock at $0.20 bid and no offer.
Rutledge and Skufca then entered matched buy and sell orders through
different broker-dealers which rocketed the stock to a price of $5.00

SNIPPETS:
SEC CHARGES CANADIAN STOCK PROMOTER AND COLORADO "SHELL" BROKER IN STOCK MANIPULATION SCHEME
Securities and Exchange Commission v. Donald Rutledge and Gregory Skufca (United States
The Securities and Exchange Commission announced today that it filed civil securities fraud
According to the Commission's Complaint, the manipulation took Snelling from a market
The Commission alleged that Skufca reaped at least $500,000 in illicit profits from the
This action is part of the fourth nationwide Internet fraud sweep conducted by the Commission
Plus Solutions had no business operations, but purportedly aspired to enter the electronic
Under agreements with investors in Plus Solutions, Rutledge was obligated to engineer a
Skufca controlled the stock of Snelling, which was located in the home of its sole employee
On the morning of December 16, the sole market-maker in Snelling quoted the stock at $0.20
With 15.3 million non-restricted shares outstanding, this implied a $93 million market
In the injunctive action against Rutledge and Skufca, the Commission alleges violations of

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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/21/2005 6:47:30 PM

By: barry kasman

There is so much crap on Taub that he needs his own blog.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/21/2005 1:10:58 PM

By: classic vision

who SEC Suspends Trading in Securities of Allixon International Corp.
Investigative Reports
November 18 2005
The Securities and Exchange Commission has temporarily suspended trading in the securities of Allixon International Corp. (Pink Sheets: AXCP). Allixon, which provides radio frequency identification (RFID) software, is incorporated in Delaware and located in Seoul, South Korea.

Allixon does not file public reports with the SEC, so investors lack current details concerning the Company’s financial condition and performance. A draft of the Company’s audited financial statements for the year ended December 31, 2003 has been posted on Allixon’s website. It indicates that, as of December 31, 2003, Allixon’s current assets totaled $68,243, including $12,019 in cash. The Company reported revenues of $85,148 for the period beginning January 28, 2003 and ending December 31, 2003, and expenses for the period of approximately $440,000.

In issuing the suspension, the SEC said that questions had been raised that the Company and/or certain of its shareholders may have failed to comply with resale restrictions imposed by the federal securities laws. In particular, the SEC noted that the Company may have unjustifiably relied upon Regulation D of the Securities Act of 1933 (which allows for certain sales of unregistered securities in private transactions) or Regulation S (which permits certain sales of unregistered securities to non-U.S. residents) in conducting an unlawful distribution of Allixon shares.

Allixon has been the subject of spam e-mails touting the Company’s business and prospects.

The suspension, which commenced on November 17, 2005, will terminate at 11:59 pm on December 1, 2


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/21/2005 12:52:31 PM

By: temple t

suppose that firm in Turks has client that is under srcutiny by sec, unregistered sales now halted, oops. wonder who the client i
SEC halts ex-Vancouverite Knipe's company


2005-11-18 19:33 ET - Street Wire

by Stockwatch Business Reporter

The U.S. Securities and Exchange Commission has won an emergency asset freeze and restraining order against David C. Knipe, once a broker at HSBC Securities (Canada) Inc.'s downtown Vancouver branch. The SEC claims Mr. Knipe is dumping shares of pink sheets listing Allixon International Corp. and wiring money offshore.

The SEC halted Allixon on Thursday and promptly filed a complaint against Mr. Knipe in Houston, Tex., to stop him from selling unregistered shares.

The SEC's complaint

"The unregistered sales are continuing on a daily basis," the SEC says in its nine-page civil complaint.

The SEC claims Mr. Knipe, through offshore companies he controls, has dumped one million unregistered shares of Allixon since Aug. 29.

His companies apparently acquired 94 per cent of Allixon for $13,000 in July, 2005. The SEC says he has made $4.3-million dumping the shares so far. (All figures are in U.S. dollars.)

The shares, according to the SEC, should have been registered and restricted from trading.

To avoid this problem, the SEC says Allixon's lawyer wrote the transfer agent saying no restriction was needed. The transfer agent apparently rubber-stamped the lawyer's letter and issued the shares on July 27.

With the restriction out of the way, the SEC says Mr. Knipe and his companies, Temple Securities Ltd., Silver Lake Investments Inc. and Crescendo Investments Inc., started selling
s????? any plans to got to the us??? do not think so


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/21/2005 12:47:16 PM

By: another st pick CLVE

another one turns up and then turns to crap, think Harv liked it too
SEOCHO-KU, SEOUL, Korea, Aug. 29, 2005 (PRIMEZONE) -- Classic Vision
Entertainment Inc. (CLVE) announces its acquisition of Allixon Co. LTD of Korea
as a wholly owned subsidiary of Allixon International Inc., and changes name to
Allixon International Inc. under the new trading symbol (Pink Sheets:AXCP).

Allixon is a leading provider of RFID Middleware and Mobile Internet solution
for device computing. Allixon combines its products, expertise, partnerships and
integration capability into solutions for a wide range of device computing
applications, including RFID Middleware and m-banking solution. The Company has
provided radio frequency identification middleware based on Auto-Id and mobile
banking solutions since 2003.

Beyond its current business activities, the Company plans on developing an
internal sales team, bringing its production to commercial levels and extending
its technology and business development partnerships beyond Korea.

In consideration for the merger with Allixon, CLVE issued 25 million of
restricted common shares to the shareholders of Allixon International, Inc.
after a 750:1 reverse in the common shares of CLVE. The company also intends to
complete and submit a Form 211 pursuant to 15c2-11 to NASD Regulation OTC
Compliance Unit for consideration whereby the Company's common stock can become
quoted on the OTC Bulletin Board.

About Allixon International Inc.

Founded in 2003, Allixon is a leading provider of RFID Middleware and Mobile
Internet solutions for device computing. Allixon combines its products,
expertise, partnerships and integration capability into solutions for a wide
range of device computing applications, including RFID Middleware and m-banking
solutions. Allixon's products based on ubiquitous technologies direct companies
looking to tap into the wealth of data captured by networked devices such as
RFID readers or handhelds to extend the quality of information to any device
where they want. The company is headquartered in Seoul, Korea - 3FL. Mijin
Bldg., 1474-16, Seocho 3-dong, Seocho-ku, Seoul, 137-868, Korea.

NOTE TO EDITORS: If you would like additional information on Allixon
International Inc., please view our website at www.allixon.com . To receive an
Investor Kit or additional information for Allixon International Inc., or to
join the company's mailing list, please contact Investor Relations Department by
emailing investors@allixon.com

This Press Release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. We have tried,
whenever possible, to identify these forward-looking statements using words such
as "anticipates," "believes," "estimates," "expects," "plans," "intends,"
"potential" and similar expressions. These statements reflect our current belief
and are based upon currently available information. Accordingly, such forward
looking statements involve known and unknown risks, uncertainties and other
factors which could cause the Company's actual results, performance or
achievements to differ materially from those expressed in or implied by such
statements. We undertake no obligation to update or advise in the event of any
change, addition or alteration..

-0-
CONTACT: The Equitis Group Corporation
Todd Heinzl, CEO, Managing Principal
(416) 819-2714

Symbols:
US;AXCP
30-Aug-2005 02:00:24 GMT
Source PZM - PrimeZone Media
Categories:
MST/R/G7 MST/R/NME MST/R/US TGT/BGN


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/20/2005 9:58:43 PM

By: no call list



Phone Busters Fights Telemarketing Fraud

Telemarketing is the use of telecommunications (phones) to market goods and services to high numbers of people. In recent years the number of fraudulent and deceptive schemes has been increasing. The most prominent current schemes out there are low-cost credit and low interest schemes, along with high yield investment scams (see the Nigerian Letter Scam).

The Ontario Provincial Police, along with the RCMP, have combined forces to staff the Phone Busters National Call Centre (PNCC) in North Bay, Ontario. The OPP will do the administering of the Call Centre; the RCMP will assist in analysis of data obtained, and provide investigative assistance on situations uncovered. The PNCC toll free number is 1-888-495-8501.

The aim of the Phone Busters Call Centre will be to identify fraudulent, deceptive and misleading telemarketing, fax and mail schemes.

Seniors are among the most targeted. People over the age of 60 represent 83% of the total dollar loss with these schemes. Perhaps seniors are vulnerable because of problems of loneliness, lack of family support, and are less likely to hang up on marketers. Also, fraudulent telemarketers build relationships and gain the trust of seniors, by essentially victimizing them. This has, in many cases, led to the loss of life savings.

Current investigations indicate that Canada is being used as a base of operations for criminal telemarketers, and mail fraud marketers, to target victims in foreign countries, especially the United States (see the PhytoPharma stories).

TYPICAL TELEFRAUD MARKETING TECHNIQUES

1) Being asked to send money up front on the promise of receiving a prize

2) Being asked to send money up front to settle a law suit or other legal settlement (i.e. an inheritance)

3) If there is a legitimate legal settlement, you will receive a registered letter in the mail; not a phone call asking for money up front

4) Fraud artists will call repeatedly - wearing the potential victim down. It can be easier to simply agree rather than to keep saying no.

5) Phoney lawyers often state they represent the government or some corporate client, and allege they are from law firms with names sounding similar to firms in your area

6) Victims are provided with phone numbers of non-existent law firms/professional organizations; any attempts to call lead to professional sounding answering machines.

July 27, 2001

Posted By: Ron Reinhold

Source of Story: Ron Reinhold

Return to the Investigative News
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Montreal Based Diet Scams Continue

Canadians are still being plastered with various ads from diet scams out of Montreal...
November 9, 2005
Canadian Diet Fraud Scene - The Latest

Advertisements for weight loss scams from Canada have declined in recent weeks...
October 25, 2005
North American Governments Cooperate on Diet Fraud

The latest information regarding what North American governments are doing on weight loss scams...
October 25, 2005
FBI Report on Hurricane Relief Scams

The FBI details the hurricane relief scams taking place in the U.S.
October 25, 2005
Canadian Credit Card Scam Busted

Another credit card scam involving Canadians has been busted...
October 25, 2005







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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/20/2005 12:21:02 PM

By: red sea

Taub and red sea go way back.Is it right for a broker to short his own clients then take grease in rede sea on the cover?


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/23/2005 5:48:38 PM

By: jacky rubin

My broker at house #83 research capital said they are nervous about what went down.They are not helping you,in fact it's they are hindering you.


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/23/2005 2:40:41 PM

By: david washinsky

I hold 2000 hares of ultra pure UPW, is there a lawsuits with merit?


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/23/2005 9:27:22 AM

By: pink sheets ( don't show on sec)

clve was old ticker, big time grease deal


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/23/2005 9:15:10 AM

By: couloucou la paloma

Search into SEC filings did not produce any results : tickers CLVE and AXCP have no matches in the SEC database....


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/22/2005 10:52:54 AM

By: barry kassman

Taub used to work for me.Caused me alot stress with that Ultra crap.Whats the name of his new company?


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/22/2005 10:11:15 AM

By: someone is in trouble/ who is beneficial owner

Vision Entertainment Inc. Acquires 100 Percent of Allixon International Inc. Outstanding Common Shares

SEOCHO-KU, SEOUL, Korea, Aug 29, 2005 (PRIMEZONE via COMTEX) --
Classic Vision Entertainment Inc. (CLVE) announces its acquisition of Allixon Co. LTD of Korea as a wholly owned subsidiary of Allixon International Inc., and changes name to Allixon International Inc. under the new trading symbol (Pink Sheets:AXCP).

Allixon is a leading provider of RFID Middleware and Mobile Internet solution for device computing. Allixon combines its products, expertise, partnerships and integration capability into solutions for a wide range of device computing applications, including RFID Middleware and m-banking solution. The Company has provided radio frequency identification middleware based on Auto-Id and mobile banking solutions since 2003.

Beyond its current business activities, the Company plans on developing an internal sales team, bringing its production to commercial levels and extending its technology and business development partnerships beyond Korea.

In consideration for the merger with Allixon, CLVE issued 25 million of restricted common shares to the shareholders of Allixon International, Inc. after a 750:1 reverse in the common shares of CLVE. The company also intends to complete and submit a Form 211 pursuant to 15c2-11 to NASD Regulation OTC Compliance Unit for consideration whereby the Company's common stock can become quoted on the OTC Bulletin Board.

About Allixon International Inc.

Founded in 2003, Allixon is a leading provider of RFID Middleware and Mobile Internet solutions for device computing. Allixon combines its products, expertise, partnerships and integration capability into solutions for a wide range of device computing applications, including RFID Middleware and m-banking solutions. Allixon's products based on ubiquitous technologies direct companies looking to tap into the wealth of data captured by networked devices such as RFID readers or handhelds to extend the quality of information to any device where they want. The company is headquartered in Seoul, Korea - 3FL. Mijin Bldg., 1474-16, Seocho 3-dong, Seocho-ku, Seoul, 137-868, Korea.

NOTE TO EDITORS: If you would like additional information on Allixon International Inc., please view our website at www.allixon.com . To receive an Investor Kit or additional information for Allixon International Inc., or to join the company's mailing list, please contact Investor Relations Department by emailing investors@allixon.com

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition or alteration..

SOURCE: Allixon International Inc.

The Equitis Group Corporation Todd Heinzl,


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/27/2005 10:01:40 AM

By: geni

Wonder how many shares of GENI were sold with bad registration


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/26/2005 10:10:29 AM

By: more trouble at research/taub







Saturday, November 26, 2005 Page B6

TORONTO -- Research Capital Corp. and its chief executive officer, Patrick Walsh, have agreed to pay $200,000 to settle a disciplinary case involving poor supervision of an alleged rogue broker and overall shortcomings in the firm's internal supervision systems.

The Investment Dealers Association of Canada said yesterday Research Capital and Mr. Walsh failed to "adequately address and correct" compliance shortcomings between 2002 and 2004, even after an IDA review in 2002 identified significant deficiencies with the firm's internal practices.

The association said many of its concerns related to the operations of one broker at Research Capital. According to the IDA, the broker was not adequately supervised between 2001 and 2004, even though his "overall pattern of business conduct should have raised concerns" and he should have been subject to closer scrutiny.

The IDA recently launched a disciplinary case against former Research Capital broker Stephen Taub following a lengthy and complex investigation.

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The association alleges Mr. Taub conducted trades for clients that were "consistent with market manipulation or deception," and said that on numerous occasions he acted for individuals who appeared to be acting in concert to trade heavily in the same limited group of securities. The IDA said a number of his accounts were associated with people who had "criminal or securities regulatory histories."

The IDA does not always hold a firm's CEO responsible for failing to supervise a broker who breaches securities rules. But Alex Popovic, vice-president of enforcement at the IDA, said the Research Capital case involved a series of activities that could have been detected and prevented with better internal surveillance practices.

"The compliance supervisors should have been able to detect them," he said. "There are checks and balances to identify those types of issues, and to try to bring them on side immediately."

The association also said Research Capital knew the broker was the subject of an IDA investigation when he was hired in 2001, and said he was supposed to have been closely monitored.

Mr. Walsh, who attended the brief hearing yesterday, would not comment on the settlement agreement, but handed out a written statement noting that Research Capital had been "pro-active" in hiring a compliance expert to help it develop practices and procedures "to get ahead of the curve."

The statement said Research Capital has taken "a leadership position" on the compliance front.

The IDA said the penalty would have been "significantly higher" if not for the firm's work to implement a new compliance program in 2004. The firm hired a new chief compliance officer last year and hired a consultant to help fix weaknesses in its compliance system. Heavy caseload

Patrick Walsh, CEO,

and Research Capital Corp.

The firm and its CEO agreed yesterday to pay a total of $200,000 to settle IDA allegations of poor supervision of a broker and overall compliance supervision problems.

Stephen Taub

The IDA launched a disciplinary case in late October against the former broker alleging a list of infractions, including that he facilitated trading activity for certain clients that appeared to be consistent with market manipulation.

Darrell Osadchuk

The IDA reached a settlement agreement this week with Mr. Osadchuk, who was a Research Capital broker in 2001 and 2002, after two clients complained of dozens of unauthorized trades in their accounts. He agreed to a permanent ban from working as a broker, and agreed to pay a $40,000 fine and costs of $10,000.

Joseph Damm

and Warren Hawkins

The OSC announced a settlement this week with Mr. Damm, a former Research Capital broker, and his assistant, Mr. Hawkins, involving improper trading in Findore Minerals shares. Mr. Damm is banned permanently as a broker and will pay $15,000 in costs, while Mr. Hawkins is banned for five years.
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Anonymous
Posted: Friday, August 12, 2011

Posted: 11/24/2005 5:52:21 PM

By: newtonbrook

Although Mr. Pierce's behind-the-scenes Ultra Pure involvement was first revealed by Stockwatch in April, 1995, rumours of Merit's million-dollar hit had already been the talk of Howe Street and Bay Street. A number of Mr. Pierce's fronts, including Ultra Pure president Grant Atkins and Harvey Gorsuch, key players in the promoter's former Vancouver Stock Exchange disaster, Cost-Miser Coupons, opened or dealt in dubious offshore accounts at Merit, although Mr. Pierce was careful to keep his name off any public documents for Ultra Pure.

The Ultra Pure case was the feature of a major probe by the commercial crime section of the RCMP. The Mounties capped up a 13-month criminal investigation in April, 1996, with a recommendation that charges be laid, but a Crown prosecutor subsequently "no-charged" the file, in a controversial decision. Mr. Pierce's long-time front, Mr. Atkins, is now busy with another dubious penny stock promotion, GeneMax, which targeted Vancouver brokerages Global Securities and Union Securities in a naked shorting suit on Sept. 4.

Although Merit head Barry Kasman had the misfortune of watching his firm sink after being torpedoed by at least one barely supervised broker and a number of dubious offshore accounts, he went on to head Rampart, which now finds itself accused of failing to supervise its brokers, verify identities of offshore account clients and other compliance troubles, including failing to take acceptable antimoney-laundering measures
The pain is still deep.Bary was seen on the bathurst7a ,getting bagels at bagel world.sad


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/24/2005 11:46:45 AM

By: milton barbarishm

same guy as gmxx ?


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/23/2005 7:38:02 PM

By: janna

In 1995, Merit's Toronto head branch took a million-dollar hit when regulators halted trading in Ultra Pure Water Systems (Canada) Inc., a wash-trading rig job involving controversial Vancouver promoter Gordon Brent Pierce. The Ultra Pure ring left $2.36-million in unpaid debits at seven brokerages when the Alberta Stock Exchange abruptly halted the stock in March, 1995, led by $960,000 in debits in UPW accounts handled by Merit broker Stephen Traub.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/28/2008 6:22:17 AM

By: billybob

rakesh is now working from new sites still stealing money

www.uniqueanalysis.org

www.quoteplatform.com


Anonymous
Posted: Friday, August 12, 2011

Posted: 3/19/2006 8:42:39 AM

By: Dr. Alexander von Paleske

International crook Rakesh Saxena, resident in Vancoucer since 1996 most of the timer under houese arrest, however equipped with telephone lines, and fighting an extradition request from Thailand, has just completed another round of his legal battle.
Let's have a look at the wider network, of which he is part of.

First to name is Tim Spicer, a constant newsmaker for more than a decade, negative news mostly.

Tim Spicer, boss of the mercenary company AEGIS,is busy in Iraq() on a 293 million US Dollar Pentagon contract. His employees have just made headlines with a video, that shows them allegedly killing Iraqi civilians.

Then to mention is a veteran of arms and shady deals, a close friend of the bin Laden family for decades, an uncle of the late Dodi Fayed, the last partner of Diana Princess of Wales and brother-in-law of the owner of Harrod’s Supermarket in London, Al Fayed, his name: Adnan Khashoggi, once called the richest man on earth.

His origin is Saudi Arabia, his favorite place to live is Marbella in Spain and his favorite business are arms deals and the stock market, especially in Vancouver/Canada.



At present, however, he likes more the sand of the beaches of the United Arab Emirates, a better, because safer place to be, when arrest warrants and extradition requests are piling up.


He was involved in the Iran Contra-Affair in the 80s, in which the Pentagon sold weapons to Iran and the profits were used to buy weapons for a CIA sponsored group in Nicaragua, the Contra Rebels. Everything illegal of course, but an army man by the name of Oliver North was day and night putting documents into the shredder, when the scandal was about to be made public. It is good to have such trustworthy people in your house.



Khashoggi was also involved in the Bank of Credit and Commerce International (BCCI), a massive washing machine for illegal money from the Medellin drug cartel, Manuel Noriega, and other druglords.

The bank was forcibly closed in 1992 after investigations by a committee of the US senate, in which Senator John Kerry featured prominently.

However Khashoggi, likeable as he is, had and has friends all over the world, so lets forget about the BCCI-Affair and move on to Thailand, to the Bangkok Bank of Commerce.

The CEO of that bank was in the 90s Krirkkiat Jalichandra. A promsing young man of Indian origin, by the name of Rakesh Saxena was introduced to him.

Saxena was wanted in India for culpable homicide, who cares, was a communist before, while studying in India, who cares and according to the slogan, who is not a communist at age 20 hasn’t got a heart, and who is still a communist age 40 hasn’t got a brain, and Saxena had brains, he forgot Marx and Engels and concentrated on fraud and corruption the big way and advised his “brother in fraud” Jalichandra accordingly both together a “duo infernale”, so to speak.

Money was pumped into a labyrinth of fake companies and “small gifts” in cash and kind were handed out to politicians and friends, a non repayable loan was given to Saxenas friend Adnan Khashoggi, amounting to only 134 million US Dollars, peanuts, so to speak.

However such big fraud, that triggered eventually the Asian Banking Crisis in 1997 cannot go on forever one time the bubble has to burst and in 1996 the scheme collapsed, however Saxena, clever as he was, left in time the sinking ship and fled to a much cooler place, Canada.

Not forgetting, allegedly to take some pocket money with him, only the laughable sum of 88 million US Dollars laughable, because the damage he and Jalichandra allegedly caused amounted to more than three billion US Dollars.

Jalichandra was not so lucky, he got arrested and has been sentenced to 30 years in prison one year ago.

Thailand wanted Saxena extradited, but Saxena did not want, had money enough to hire the best of the best of lawyers and he convinced the Government of Canada, a banker is a banker, that it would be cheaper to put him in self paid house arrest, than into a prison.

So he is still in Canada but not resting, to the contrary. He is as busy as ever.

First came Tim Spicer, the mercenary, Ex-Lieutenant Colonel, OBE, hated by the Irish because soldiers of his unit, when he was stationed in Northern Ireland, killed an innocent Irishman by the name of McBride. These soldiers were later convicted for murder.

However Spicer campaigned and lied for them, so that they were early released and then reinstated in the British Army, they are now on patrol in Iraq, where killing of innocent civilians is rather a day to day event.

Spicer needed money, Saxena had money for his adventure in Sierra Leone.

Tony Buckinghams company Sandline, of which Spicer was the chief executive until 2000, offered their service, in exchange for diamond mining rights, to ousted President Kabbah with old apartheid soldiers of the infamous Buffalo Battalion, and Koevoet, well known killer units, their motto: shoot to kill, and their battleground in those days were the newly independent state of Angola with the refugee camps of SWAPO and the illegally occupied Namibia.

The unit, named Executive Outcomes, was founded and headed by Eeben Barlow, former member of the Buffalo Battalion and then of the Civil Cooperation Buraeu (CCB) the latter an South African apartheid death squad, which can take credit for countless extrajudicial killings inside and outside South Africa including hundreds of SWAPO freedom fighters allegedly killed with poison delivered by a Dr. Wouter Basson and the bodies thrown out of a plane over the Atlantic Ocean.



Saxena offered 10 million US Dollar, he had mining interests there as well, bought with money from the Bangkok Bank of Commerce, and with Saxenas/Bangkok Bank of Commerce money Spicer bought tons of weapons in Bulgaria and elsewhere.



This was the start, of what was later called the Arms to Africa Affair. Active in this scheme there were also Simon Mann and Nick du Toit, both in prison now, one in Zimbabwe, the other one in Equatorial Guinea after the failed coup attempt last year.



This military intervention was in flagrant violation of an UN arms embargo, who cares, and with the approval of the resident British High Commissioner, Penfold. When the things came out, it nearly brought down the Blair Government.



Already before their Sierra Leone job , Spicer, Mann and Buckingham had gone global in 1997, this time to the other end of the globe, Papua New Guinea for a lump sum of 36 million US Dollars to be paid by one of the poorest states on earth.

The Government there fought unsuccessfully against a rebel group on the Island of Bougainville

to get hold of a copper mine, owned by the British company Rio Tinto. The fight erupted because of the environmental disaster, caused by the mine, that threatened to destroy the livelihood of the people there.

Buckingham, Spicer and Simon Mann offered “help”, the mercenary way via Sandline and Sandline subcontracting the dreck of the Ex Out mercenaries. Also with them Lafras Luitingh, another former member of the Apartheid-CCB, who can take credit for having been involved in the murder of ANC activist Dr. David Webster on 1st May 1989 in Johannesburg and SWAPO Advocate Anton Lubowski in Windhoek on 12 October 1989.

This time round, however, things did not work out, the army under General Singorok rebelled, the Prime Minister Sir Julius Chan had to resign and Spicer was arrested and later left the country only with the help of the discrete diplomatic pressure by the British government.

Still they made their fortune, as a lot of money had been prepaid .



Meanwhile mercenary godfather and mining baron Tony Buckingham was also active in many African countries, apart from Sierra Leone and Angola, namely Congo Brazzaville, DR Congo, Uganda, Kenya Namibia to name a few.



He was specifically welcomed in Namibia, where the government made him a director of the state owned Offshore Development Company (ODC) and he used his contacts to introduce Ranger Oil Canada to the Government, successfully, Ranger got huge exploration rights. Ranger and Buckingham were close business partners for quite some time.

As a Thank You Buckingham made government officials shareholders in his company Oceanica Fisheries, and the government granted him mining rights in a Tourmaline mine near Karibib, Indigo Sky Gem and Camelthorn Mining, and allowed him to dislodge 1000 small scale miners there and to throw them onto the roadside.

Who greases well, drives well.

And South Africa's Mine Minister Mrs. Mlambo-Ngcuka gave a prospecting license with much fanfare in 2001 to Ranger Oil, despite the well known connection to Buckingham and his mercenaries

In Kenya he appointed Sanjivan Ruprah, a well known arms dealer, head of his mining company Branch Energy.

Sanjivan Ruprah became also a close confidant of Charles Taylor in Liberia and of Victor Bout, with whom he worked closely together. Sanjivan Ruprah helped arming the child soldiers in Sierra Leone on behalf of Charles Taylor, those, who committed horrific mayhem amongst the civilian population, including mass killings, hacking of limbs, rape, torture.



Victor Bout, called “Africa’s Merchant of Death” is a Russian, who runs a fleet of 50 russian made transport planes. He delivered weapons to the Taleban and Al Qaeda before 2001 and organized chartered flights to Afghanistan, , certainly not for tourists. Bout was fuelling virtually each and every armed conflict in Africa for the last 15 years with his weapons transport and Diamonds as payment, especially in Liberia, Sierra Leone Angola, DR Congo.

After the invasion of Iraq he was hired by American companies. Money talks and a plane is a plane. He was also busy transporting goods to Afghanistan after 2002, who cares.

Ruprah knows Khashoggi, because they shared an office address in London. Kashoggi is a friend of Saxena, Saxena is a friend of Spicer and so forth.

And Khashoggi and Saxena were not just watching, what was happening in Africa, they had also had serious business to do, Khashoggi in America and Saxena in Canada, before both joint forces and went to Vienna Austria.

In 2001 Khashoggi, via his company Ultimate Holdings, based on the Bahamas with a complicated lending scam allegedly pumped up the stock of a Nasdaq bubble company by the name of Genesis Intermedia, in which Ultimate Holdings was the majority shareholder.

The company was built around a book by a John Gray, “Women are from Venus and Men are from Mars”.He forgot to add that arms dealers and mercenaries are from hell.



Involved in that scam were Deutsche Bank in Toronto and a slew of criminal stockbrokers and after the scam collapsed in 2001, Khashoggi and his friend El Batrawi were 130 million US Dollar richer, broker houses filed for bankruptcy , the damage amounting to more than 300 million US Dollars.

Deutsche Bank has now settled out of court and is paying, still denying any responsibility, of course.

Meanwhile Saxena in Canada was busy as well. He appointed the leading opposition MP in the Canadian Parliament, John Reynolds as board member in a flimsy company called WaveTech while fighting at the same time an extradition request from Thailand in the courts of Canada. A simple word for that is most likely corruption. A friend, even when bought, in need is a friend indeed.

And he was involved in a scandal around a company in South Africa in 2004 , called Platinum Asset Management. PAM, that later on moved to Botswana and was exposed in August 2005 here by me and the local Sunday Standard.



However shared success is doubled success, so he went to good old Europe in 2000 with his friend Khashoggi. Khashoggi in person, and him being under house arrest via the phone. They linked up with a Filipino by the name of Amador Pastrana.

Pastrana had already earned himself the reputation as being a king of the boiler rooms earning him more than a billion Dollar.

Boiler rooms are cramped small offices, from where selling of shares to unsuspecting clients is organized. They apply high pressure sales pitches on their victims.

Those clients have money but no banking experience, they are neither banker nor broker

The shares they sell to pensioners, and medium income earners are worthless, artificially pumped up Penny stocks and the clients never see their money again.

The most effective and sophisticated fraud scheme to date.

Saxena, Khashoggi and Pastrana bought together the WMP Bank AG in Vienna, Austria renamed it General Commerce Bank and turned it into a boiler room, the fraud organized there amounts, according to press reports, to roughly one billion US Dollar.

In 2001 the Bank was closed.

1 billion in one year.

Meanwhile Spicer did not rest either. He opened a new mercenary company after he left Sandline by the name of Aegis and the Invasion of Iraq brought him a fat contract by the Pentagon to the tune of 293 million US Dollar.

He is now overall in charge of all the mercenaries in Iraq, totaling more than 20.000, quite a few former Executive Outcome dreck.

And Tony Buckingham is busy in Iraq as well.

In 1995 he paid a courtesy call to Iraq, walking in the Hotel lobby of the Al Rasheed Hotel over a distorted picture of former US president Bush() and exploring with former Iraq’s Oil minister possible oil ventures.

After he Invasion he is back, go with the flow, having good contacts with Iraqi Oil ministry officials and getting a prospecting license in Kurdistan for his company Heritage Oil, listed on the Toronto and Vancouver Stock Exchange.

And he quickly closed Sandline on 16th April 2004, shortly after the failed coup in Equatorial Guinea.




The list would be incomplete, without mentioning a group of dealers of weapons of mass destruction.

Gerhard Merz, German, alleged transport officer in the failed coup in Equatorial Guinea, who was arrested in Malabo and died a few days later amidst allegations of torture, transported from 1992 to 1994 nerve gas components for Mustard and Sarin and "know how" for their production from China to Iran with an Israeli international criminal by the name of Regenstreich alias Regev and the support of the Israeli secret service Shin Bet.

Parallel to this group another group headed by an Israeli Nahum Manbar and a British Mi6 agent by the name of Richard Tomlinson also transported nerve gas components and KnowHow from China to Iran with the active support of the Shin Bet and the Mi6.

At the same time the UN weapons inspectors were searching for these weapons in neighboring Iraq



Simon Mann meanwhile is in Chikurubi Maximum Prison in Harare, Buckingham and Spicer in Iraq, Sandline closed down and Aegis opened, hiring mercenaries and doing what they did in Sierra Leone, Angola and now in Iraq: Killing innocent civilians with impunity.


Dr. Alexander von Paleske
Head, Department of Oncology
Princess Marina Hospital
Gaborone/Botswana/Africa
Ex-Barrister-at-Law, High Court Frankfurt (M)
E-Mail: avpaleske@botsnet.bw


Anonymous
Posted: Friday, August 12, 2011

Posted: 12/6/2005 5:44:03 PM

By: Guy Prescott

Hi ,

You dont have a picture of this Mr. Switzer by any chance?
I believe this man is the same than Philippe Hababou, a french expat living in Toronto (AKA Philippe Salomon). He got caugth by the Lyon Financial Brigades and was supposedly put in jail for 3 years in april 2003 for having produced a fake letter of credit from General Electric Capital of 11 millions Euros to secure financing on a fledging airline named...L.Air. Do you like tha? Sounds familiar? if you can read french, look into www.sud-aerien.org
the Dossier Aeroplus /L.Air is still available in the cache pages of Google archives. CIAO


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/29/2005 2:10:24 PM

By: stanley finkle

it doesn't make sedns


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/28/2005 3:44:38 PM

By: Curious

Why did it take 5 years to get all this figured out? Dpoesn't make sense!


Anonymous
Posted: Friday, August 12, 2011

Posted: 11/28/2005 9:36:02 AM

By: is regis raoul????

TRANS-NATIONAL SECURITIES AND TRUST

Would all former clients of Trans-National Securities and Trust of Zurich, Switzerland, please make contact to help in an investigation and possible recovery of money lost by former clients.

An associated company, Price Richardson, operating in Manila in the Philippines, is under investigation for operating a "boiler room". When Trans-National closed, they apparently referred all their clients onto Price Richardson.

Would anyone who knows of the present and past activities of the former managing director of Trans-National Securities and Trust, Mr. Michael Shumak, formerly of Toronto, Canada, also make contact.

Update: There is now a significant legal action in Zurich claiming that Trans-National and Credit Suisse are jointly responsible for the clients losses. The lawyer for Trans-National has objected to the suggestion there is a link between Trans-National and Price Richardson.
Contact details:

Mr. P. Morjanoff,
P.O. Box 4103 North Curl Curl,
Australia 2099


Anonymous
Posted: Friday, August 12, 2011

Posted: 8/30/2008 1:40:40 PM

By: Newsworthy

For the latest information on Rakesh Saxena and Quote Platform Syndicate Inc Limited, and his half brother and mother see the link below

http://www.topix.com/forum/ca/victoria-bc/TGFR4O0SITGCASVPD


 

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