The Green Baron pumps Michael Mitton's pump and dump stockfraud
===================================================
PNDR - Pender International
Moderated By: jmhollen -- (Moderated) -- Started: 2/16/2005 11:54:49 AM Revision History
Pender International, Inc. (OTCBB: PNDR): Pender International Inc. based in Markham, Ontario operates as a merchant bank for growth companies. Our objectives are to explore and acquire undervalued small to medium-sized advanced stage companies that require strong management and capital to bring their operations to profitability.
Website: penderinternationalinc.com
Subject 55507
From: jmhollen 2/16/2005 11:58:00 AM
of 8
From "..The Green Baron's.." email advisories..:
Pender International (BB: PNDR)
Pender Acquires Montebello Development to Develop $30 Million Ocean Front Mexican Resort
It now appears Pender International is beginning to makes strides in its development projects. With its new team of experienced management in the real estate industry, Pender just announced this morning that it completed the purchase of a new project. Keep in mind that this is separate from the $220 million real estate asset and development acquisition that Pender hopes to complete late next week.
Business Wire - February 16, 2005 10:00
TORONTO, Feb 16, 2005 (BUSINESS WIRE) -- Pender International Inc. (OTCBB:PNDR) has entered into an agreement to purchase 100% of the issued and outstanding shares of Montebello Development in exchange for restricted common stock. Montebello Development is developing Salchi Bay Development -- a 25-acre ocean front resort in Huatulco, Mexico. Pender intends to begin construction next week and anticipates completion of 12 private villas by the end of this year. Thereafter, we anticipate an additional 48 units to be completed in 18 months. The property is located on a 1.5-mile private beach on a secluded bay less than 20 minutes drive from Huatulco International Airport. Huatulco is one of the newest and fastest growing resort areas in Mexico.
Vic Dominelli, Director of Pender, stated that "the long-term benefits of our Huatulco project will add significantly to our portfolio of assets." He explained that Pender will retain an on-site supervisor to conduct daily inspections, supervise construction quality and provide regular reports on construction progress. "At the completion of the project," he continued, "Pender will evaluate adjacent properties for development that are included in the right-of-first refusal accompanying this project development."
Orlando Silvestri, President and CEO of Pender, noted that Pender has taken a greater interest in the development of properties, "with the expertise with which we have surrounded ourselves, we believe that Pender will have more opportunity to invest in a diversified portfolio of companies and projects -- Salchi Bay Development and Armistice Resources being primary examples. We continue to evaluate some very interesting properties in Europe, as well as a 400-acre resort and casino in the Caribbean. We would expect the Pender property portfolio to exceed $350 million in value by the end of the 2nd quarter."
More details of the Salchi project will be available for viewing on the company's website: penderinternationalinc.com.
SOURCE: Pender International Inc.
Pender International Inc.
Vic Dominelli, 905-882-0221
penderinternationalinc.com
==========================================
IDA settles with former RBC Dominion Securities broker over inflated trading
16, 2007 - 3:27 pm
By: DAVID FRIEND
TORONTO (CP) - The Investment Dealers Association of Canada has reached a settlement with former RBC Dominion Securities Inc. trader Robert Faiello over his failure to exercise due diligence and learn sufficient information about a client from whom he accepted trade orders.
The agreement reached late Tuesday concluded that Faiello was unknowingly tied to the trading of stocks in Pender International Inc., a company that has been labelled by the RCMP as part of "pump-and-dump" scheme, designed to artificially inflate securities.
The settlement suspends Faiello from working in any job that requires registration by the IDA for two years starting Nov. 15, 2006. He is also fined $20,000 and must pass a "conduct and practices" course in addition to paying for the costs of the legal proceedings.
A copy of the agreement released by the IDA on Tuesday outlined activities that occurred between May and November 2004 when Faiello was working at the Richmond Hill office of RBC Dominion Securities Inc., north of Toronto.
Those claims stem from a separate investigation by the RCMP in which three Ontario men were charged with stock market fraud, extortion and other crimes.
In September, both Aneillo Peluso, 47, of King City and Michael Ciavarella, 44, of Markham appeared in court, while a third man - Ottawa resident Michael Mitton, 47 - had a warrant issued for his arrest. On Tuesday the RCMP said Mitton hasn't been caught.
Those arrests followed an announcement by the Ontario Securities Commission on Dec. 15, 2004, that it had obtained orders barring the trading of Pender International shares by Ciavarella, Mitton, and several corporations that included Kamposse Financial.
According to OSC allegations, which have yet to be tested, most of the trading of Pender International shares was being done by accounts controlled by Mitton and Ciavarella through Firestar Capital and Kamposse.
The IDA said Faiello "performed little, if any, due diligence on Pender, and therefore failed to discover the relationship between Pender and Kamposse ... which included the fact that Pender and Kamposse shared the same office space."
Faiello's settlement outlined a cyclical shift of money, which involved some profits earned by Kamposse through trading of Pender shares, which were then moved through an intermediary bank to the Firestar account. From there, they financed the purchase of Pender shares.
It also said that Faiello failed his "gatekeeper duties" by allowing trade orders from the same client in the stock of Pender International. The IDA said he unknowingly worked as the "main seller" of Pender stock for the scheme.
The IDA settlement said, "Despite the volume of the trading and the significant increase in the price of Pender stock during this period, the respondent did not make any inquiries of his client about this trading activity."
The settlement must be accepted by a hearing panel.
A hearing for the temporary cease-order trading on Mitton and Ciavarella is scheduled for Oct. 12.
Report TOU Violation |
