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Non-Tech : Spongetech -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (167)	12/2/2013 10:02:53 AM
From: scion	Read Replies (1) \| Respond to of 259

31. DS was an RR at Canaccord's head office in Vancouver. He was the RR responsible for client accounts for six different Panamanian corporations that were beneficially owned by individual Europeans. The New Client Application Form ("NCAF") for each account indicated that the clients shared the same address which was the Panamanian address of a corporate trust services firm which managed each of the corporate entities. Four of the six accounts were opened on the same day in March, 2008. Each also had a bank account at the same bank in Hungary. 32. The accounts were almost exclusively used for the deposit of OTCBB share certificates and subsequent sale of those shares into the market. 33. Between April and September 2009, these six Canaccord clients received in share certificates for a total of 194 million shares of an OTCBB company, Spongetech Delivery Systems Inc. ("Spongetech"). There were 12 deposits that accounted for all 194 million shares. Almost immediately after they were deposited to the accounts at Canaccord, these shares were then sold for proceeds of just over $15 million (USD). The sale proceeds were then wired to bank accounts in Hungary. Canaccord approved the deposit of the share certificates and the outgoing wire transfers. theglobeandmail.com