It’s been some time since there has been anything to say. Still very little to report. We are still collecting names if you are interested. A list of over 50 investors was submitted to the RCMP in Calgary fraud squad last week by one of the investors there in hopes of getting something going again.
For those of you who are not aware, York Rio Resources is back in front of the Ontario Securities Commission this March 3rd. I am sure it will lead to another extension as per the usual delays.
Under a recovery room scheme, investors are promised that a company will buy their worthless or low-value shares at an inflated prices, but only if the investors first pay a fee. The unscrupulous companies pocket the fee but do not buy back the shares.
Both the Manitoba and B.C. authorities allege that an organization called Penn Capital Management Ltd. has contacted investors in York-Rio to repurchase their shares at an inflated price for a fee.
On Sept. 25, the Saskatchewan Financial Services Commission issued temporary cease trade orders to The Castleton Group, Beltway M&A, Joshua Stevens, Patrick Thompson, Vick Newman, Daniel Greco and Jim Young for allegedly contacting TLC Explorations Inc. investors with the same kind of offer.
If you have any news please let us know.
Wednesday, February 17, 2010
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