Anyone following this real life bre-x - I read the story in the paper on saturday and I sm sure you all are astute enough to find it but the stock is halted and they ban the indovidual from trading it LOL
VisuaLABS Inc - Cease Trade Individual
VisuaLABS' Zellitts receive 15-day trading ban
VisuaLABS Inc VLI
Shares issued 17,019,444 2001-07-20 close $3.8
Tuesday Jul 31 2001 Cease Trade Individual
The Alberta Securities Commission has issued a cease trade order against Sheldon Zellitt, Joy Zellitt, and a company and trust they control, prohibiting them from trading shares in VisuaLABS Inc. The ASC convened a hearing today to consider an application for an interim cease trade order, which was granted to protect VisuaLABS investors.
Sheldon Zellitt, former chief executive officer of VisuaLABS Inc., and his wife Joy Zellitt, a director and former vice-chair of the company, control Silver Cloud Trust and Downsview Investment Group Ltd. Mr. Zellitt, Mrs. Zellitt, and both the trust and company are named in the interim cease trade order, prohibiting them from trading any VisuaLABS securities for 15 days.
"This order represents important protection to the existing shareholders in VisuaLABS by keeping what appear to be improperly obtained shares out of the market," said Wayne Alford, ASC director of enforcement.
Here is the scam part
The National Post reports in its Saturday edition that VisuaLABS is warning that its key imaging products may in fact be hoaxes, amid allegations that its chief executive officer faked a public demonstration of an advanced flat-screen display with a television set he bought at a store. The Post's Sinclair Stewart and Carol Howes write that Sheldon Zelitt, the self-described "mad inventor" who founded the Calgary company, was suspended by VisuaLABS on July 21 for making "serious misrepresentations" about GroutFree, a product touted as the big-screen TV of the future, at the company's annual meeting on July 3. Canadian Venture Exchange trading in VisuaLABS shares was halted on July 23, and there are fears it may never resume. The company says Mr. Zelitt tried to pass off an $11,000 plasma television set as a prototype of GroutFree, a technology that was said to produce a three-dimensional image using four integrated liquid crystal panels. No one appears to have questioned the extent of Mr. Zelitt's talents, much less his background. Mr. Zelitt launched VisuaLABS in Ontario in 1993 and graduated from the University of Toronto in 1971 with a bachelor's degree in applied science.
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