Geoffrey Eiten needs to come Clean and I have a CONcept. 100% Proof Geoffrey Eiten is Rodent Fornicator.
"One of the stocks he touted was Nexaira Wireless Corp., a Vancouver company that Mr. Eiten said had developed the fastest router in the world. He claimed the company was receiving revenue from Sprint and Comcast. None of that was true, according to the SEC. He also touted a Saskatchewan listing called Clean Power Concepts Inc., telling readers the company had positive cash flow and was making money. That was also incorrect, according to the SEC."  Message 29397042
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Securities regulator alleges former B.C. resident used scheme to conceal his identity
Vancouver – The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that a former B.C. resident acted contrary to the public interest when he concealed his ownership stake in a Nevada company prior to selling his shares.
The notice alleges that Alnoor Ramji, a B.C. resident, participated in a scheme to conceal his ownership stake in Clean Power Concepts Inc. and then sold his shares in coordination with another undisclosed ownership group. Clean Power’s shares are traded on the Over-the-Counter Bulletin Board (OTCBB) in the United States.
BCSC staff contends that Ramji harmed the reputation and credibility of B.C.’s securities market when he:
• used nominee accounts in secrecy jurisdictions to conceal his identity and obtain undisclosed control of 16% of the supply of Clean Power shares;
• acted as part of a group that obtained undisclosed control of 34% of the supply of Clean Power shares;
• further concealed his identity when selling his 16% ownership position in coordination with the undisclosed ownership group; and
• used layering techniques to distance himself from payments to those who coordinated and paid for a promotional campaign for Clean Power.
The trading accounts obtained by Ramji and his nominees were in the name of companies incorporated in Panama or Belize, and were provided by Gibraltar Global Securities. Gibraltar is a Bahamian broker/dealer who was permanently banned from B.C.’s capital markets in November 2012.
Between December 20, 2010 and January 20, 2011, Ramji, his nominees and the undisclosed ownership group sold approximately 81 million shares of Clean Power on the OTCBB through a trading account in Gibraltar’s name. The group generated approximately $21.5 million through the sale. Ramji, directly and through his nominees, instructed Gibraltar to wire about $8.3 million of the proceeds to bank accounts in Hong Kong, Switzerland, Belize, and Panama.
Staff are alleging that Ramji, as an insider of Clean Power, breached securities laws by failing to file a report disclosing his beneficial ownership of, or control or direction over, Clean Power shares.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on January 7, 2014 at 9:00am.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website www.bcsc.bc.ca by typing Alnoor Ramji or 2013 BCSECCOM 429 in the search box.
Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604-899-6854 or 1-800-373-6393 (toll free). |
