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Gold/Mining/Energy : Rubberman's picks for the second half of 1998
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To: The Fix who wrote (253)10/15/1998 9:20:00 AM
From: Mr Metals  Read Replies (1) of 405
 
GUMBY made the news again. He's making the headlines every day.

BC Securities Commission -
Van Sun says broker believed lawyer in Stanhiser scheme
BC Securities Commission BCSEC
Shares issued 0 1899-12-30 close $0
Thursday Oct 15 1998

The Vancouver Sun reports in its Thursday edition that a Vancouver stockbroker who acted as a conduit for a "loan" scheme into which investors sunk millions of dollars in junior stocks says that a local lawyer assured him the scheme was legal. Reporter David Baines notes that John Johnston of Canaccord Capital told a British Columbia Securities Commission panel that Vancouver lawyer Stephen Dadson told him the scheme concocted by former California preacher Gary Stanhiser did not breach securities rules. Mr. Johnston told the three-person panel that he asked Mr. Dadson straightforward if it was legal and the lawyer assured him it was. Commission staff, however, allege the loan scheme was a sham and that investors understood their money was being pooled to buy shares privately from junior companies, thereby circumventing minimum investment rules. Staff also allege that in most cases, the 300 B.C. and United States investors who sunk $15-million into the scheme through Mr. Stanhiser's offshore companies did not receiver their shares or recover their money.

(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

MM
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