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Bitcoin soars, while UAMA craters!
in 20202 Annual Report we learned UAMA quit mining!
Complicit poster constantly tries to tie UAMA to Bitcoin success.
That's simply FRAUD as UAMA not a miner now.
Bitcoin wins. UAMA suit dismissed with prejudice
UAMA lost vs. Bitmain, Bitcoin et al. DISMISSED WITH PREJUDICE.
Brainiac Mr. Benoit Laliberte sued Bitmain et al and FAILED!
Nearly three (3) years of legal fees and management attention.
Judge dismisses UAMA complaint. UAMA loses again!
BITCOIN NEWS
by Jamie Redman
Apr 1, 2021
US Judge Dismisses Antitrust Case Accusing Bitmain, Kraken, and BCH Devs of Manipulation
A U.S. court in Miami has dismissed an amended complaint in the lawsuit that accused nine defendants including Kraken founder Jesse Powell, Bitcoin.com founder Roger Ver, Bitmain’s Jihan Wu, and a few open-source Bitcoin Cash developers of collusion. U.S. Magistrate Judge Chris McAliley dismissed the amended complaint under Federal Rule of Civil Procedure on March 31, 2021.
UAC can try to continue the case by making an appeal to the U.S. Court of Appeals for the Eleventh Circuit within 30 days. McAliley’s order further emphasized that “it would be futile to allow UAC to further attempt to state a claim that Defendants violated the Sherman Act— Accordingly, the court dismisses the complaint with prejudice,” the Miami judge added.
UAMA lost vs. Bitmain, Bitcoin et al. DISMISSED!
Brainiac Mr. Benoit Laliberte sued Bitmain et al and FAILED!
Nearly three (3) years of legal fees and management attention.
Judge dismisses UAMA complaint. UAMA loses again!
BITCOIN NEWS
by Jamie Redman
Apr 1, 2021
US Judge Dismisses Antitrust Case Accusing Bitmain, Kraken, and BCH Devs of Manipulation
A U.S. court in Miami has dismissed an amended complaint in the lawsuit that accused nine defendants including Kraken founder Jesse Powell, Bitcoin.com founder Roger Ver, Bitmain’s Jihan Wu, and a few open-source Bitcoin Cash developers of collusion. U.S. Magistrate Judge Chris McAliley dismissed the amended complaint under Federal Rule of Civil Procedure on March 31, 2021.
UAC can try to continue the case by making an appeal to the U.S. Court of Appeals for the Eleventh Circuit within 30 days. McAliley’s order further emphasized that “it would be futile to allow UAC to further attempt to state a claim that Defendants violated the Sherman Act— Accordingly, the court dismisses the complaint with prejudice,” the Miami judge added.
Judge dismisses UAMA complaint. UAMA loses again!
NEWS
by Jamie Redman
Apr 1, 2021
US Judge Dismisses Antitrust Case Accusing Bitmain, Kraken, and BCH Devs of Manipulation
A U.S. court in Miami has dismissed an amended complaint in the lawsuit that accused nine defendants including Kraken founder Jesse Powell, Bitcoin.com founder Roger Ver, Bitmain’s Jihan Wu, and a few open-source Bitcoin Cash developers of collusion. U.S. Magistrate Judge Chris McAliley dismissed the amended complaint under Federal Rule of Civil Procedure on March 31, 2021.
UAC can try to continue the case by making an appeal to the U.S. Court of Appeals for the Eleventh Circuit within 30 days. McAliley’s order further emphasized that “it would be futile to allow UAC to further attempt to state a claim that Defendants violated the Sherman Act— Accordingly, the court dismisses the complaint with prejudice,” the Miami judge added.
Cue the music! "This is the End", the Doors.
The 2020 Annual Report confirms my observations and predictions for UAMA.
Complicit posters attacked me, though they're noticeably silent now except to change the subject. Some even suggested paying me a visit and posted pictures of my residence. While they're welcome any time they should be aware Washington is "Open Carry" state so be careful if you ever decide to make good on those threats. Also know you have been identified and have been reported to Whatcom County Sheriff, Washington State Patrol, FBI and the RCMP.
Well if you've read this far, you're interested in UAMA and the news of its decline is likely now near the end of the last chapter.
I now predict that UAMA will fail this year! All the missteps are finally catching up with them and I have reason to believe that Benoit Laliberte will soon be charged in the US for the fraudulent filing in 2019 wherein he claimed as UAMA President, CEO and CFO that he had "No Convictions" in prior ten (10) years, which of course is incorrect as witnessed by AMF convictions following their appeal.
If the Florida Court decides in the same manner as SEC vs Brooks he will be removed from his office and banned from holding any future office in a public company. Given his record, I suspect a Judge my impose a stiffer than normal fine as well.
That will be the end of UAMA as there is nobody with the talent to turn this turkey around!
UAMA President, CEO, CFO convicted criminal and bankrupt! CP (Canadian Press) 49. As stated above, Mr. Laliberte is an undischarged bankrupt. Despite this, he has claimed
He has been labeled as such by The Canadian Press. You can rest assured it is true as Mr. Benoit Laliberte has not filed suit against this news organization.
Mr. Benoit Laliberte is President, CEO & CFO of UAMA! All three positions held by Mr. Benoit Laliberte who was found guilty on 44 of 48 counts, stock fraud, market manipulation and deceiving investors.
What kind of a company has convicted criminal President, CEO and CFO? CAVEAT EMPTOR.
evidence:
"Montréal – In a decision handed down on April 28, 2009, Judge Richard Wagner of Superior Court (Criminal and Penal Division), district of Montréal, found Benoît Laliberté guilty of three of the four charges under an appeal launched by the Autorité des marchés financiers (AMF) in September 2008.
At the request of the AMF, the Court thereby quashed the acquittal verdicts issued by Judge Céline Lacerte-Lamontagne in February 2008 in respect of charges 6, 9 and 38. Specifically, the AMF succeeded in its appeal in respect of two charges related to an insider's obligation to report transactions within the time period prescribed by law and in respect of one charge related to making misrepresentations in a press release."
and more evidence:
PUBLISHED FEBRUARY 22, 2008 (Toronto Globe & Mail)
UPDATED APRIL 26, 2018 (Toronto Globe & Mail)
The former head of Jitec Inc. was convicted yesterday of insider trading and deceiving investors while pumping up the value of his now-defunct Montreal high-tech firm. A judge found Benoit Laliberte, 35, guilty on 41 of 48 counts of breaking Quebec's securities laws. Quebec's securities regulator will seek about $1.5-million in fines plus costs from Laliberte for manipulating share prices while the company was listed on the Montreal Stock Exchange. Thirty of the convictions were for failing to disclose changes in Laliberte's control over Jitec shares. The rest of the counts were for insider trading, deceiving investors in news releases and inflating the value of contract.
Then there's the FAILURE to properly disclose material PERSONAL BANKRUPTCY to investors and in SEC filings. Evidence in CCAA Proceedings before the Supreme Court of BC produced the following:
to be an officer and/or representative of a variety of companies in the TNW Group, most
recently being Teliphone and Investel Capital Corporation.
Ask yourself, "What kind of company has convicted criminal CEO?"
Then ask yourself, "What kind of a company has a bankrupt CEO"
Caveat Emptor - CAVEAT EMPTOR - see OTC Markets - UAMA
UAMA will fail in 2021.
Too many problems on all fronts with UAMA, Investel, et al.
1) Working capital crisis (no money)
2) Problems with electrical power for Blockdomes (filed for creditor protection)
3) Anti-trust litigation vs Bitmain et al failed. (waste of money)
4) Land-use problems may result in costly move to another location. (see 2020 Annual Report)
5) UAMA considering write-down of failed wireless initiative
6) UAMA considering write-down of recovered assets from $47M bankruptcy (can't finance putting them back in service)
7) UAMA can't raise capital from institutional sources as UAMA CEO a convicted criminal according to The Canadian Press.
UAMA failing on all fronts and expect business to fail in 2020.
UAMA - Bitcoin climbing, UAMA lower!
FLASH - UAMA loses anti-trust suit!
Chalk up another loss for Benoit Laliberte.
What a joke he is. Ego out of control and "writing checks he can't cash".
What a waste of money and management time.
And.......UAMA has so many problems right now they can't be diverting any attention from attempting to save this dying business.
FINAL JUDGMENT in favor of Bitmain Technologies Ltd., Bitmain, Inc., Payward Ventures, Inc., Jason Cox, Jesse Powell, Jihan Wu, Roger Ver, Shammah Chancellor and against United American Corp. Closing Case. Signed by Judge Kathleen M. Williams on 4/7/2021. See attached document for full details. (scn)
Reposted as newsworthy!
Predict UAMA will fail this year!
Benoit Laliberte, UAMA CEO has proven his incompetence. He's failed UAMA, Investel et al and all of the shareholders.
He should be kicked out, though at this late date, I doubt that any new talent could turn UAMA around. Troubles on all fronts and not much time left.
Look back at all his failures, through his mismanagement he's killed numerous businesses, though the crowning achievement is the $47M bankruptcy of Telephone, Navigata, West and a couple of numbered companies that were in the mix.
There is no evidence to suggest that UAMA has made any sustainable progress in the past four (4) years! Let that sink in. No progress.
Read the 2020 Annual Report. If you have any business sense or experience you'll see how deeply troubled UAMA is today!
I predict UAMA
will fail in 2020.
Only hope for UAMA is to dump CEO!
Show him the door and if he dawdles kick him out.
He's the sole reason, the sole architect for the disaster that is UAMA
Look back at all his failures, through his mismanagement he's killed numerous businesses, though the crowning achievement is the $47M bankruptcy of Telephone, Navigata, West and a couple of numbered companies that were in the mix.
There is no evidence to suggest that UAMA has made any sustainable progress in the past four (4) years! Let that sink in. No progress.
Read the 2020 Annual Report. If you have any business sense or experience you'll see how deeply troubled UAMA is today!
I predict it will fail in 2020.
UAMA CEO a lightweight! Needs to GO!
He's incompetent and has never built a business of lasting value. Let that fact set in for a moment. Were he employed by a "real company", with a real Board of Directors, he would have been gone long ago.
There's been no progress under this loser for years.
He likes to revert to law suits to deflect attention from his own failures? Try that in a real business. Any Fortune 100 Company would have dumped him after only a few quarters of his missteps.
Just think:
• patent litigation failed after four (4) years
• $47M bankruptcy "the crowning achievement of Mr. Laliberte" gutted the whole enterprise
• entered wireless through acquisition of market-ready carrier with spectrum licenses and "blew it"
• anti-trust litigation failed
• defamation litigation died but not before Singh LaMarch filed suit against their own client Benoit Laliberte
To any unbiased and objective observer Benoit Laliberte is incompetent and needs to resign. His abysmal track record had brought yet another enterprise to the brink of failure.
UAMA has little time left.
Volume declining as UAMA dying!
Simple really.
No corporate progress in last 24 months.
TNW Wireless failed, $47M bankruptcy of Telephone,Navigata, West and a couple of numbered companies, screwups at cryptocurrency mining activities and general malaise.
FLASH - UAMA loses anti-trust suit!
Chalk up another loss for Benoit Laliberte.
What a joke he is. Ego out of control and "writing checks he can't cash".
What a waste of money and management time.
And.......UAMA has so many problems right now they can't be diverting any attention from attempting to save this dying business.
No relationship between Bitcoin and UAMA.
Fraudulent to suggest any relationship between Bitcoin price and UAMA who admitted in 2020 Annual Report they are not a principal miner.
They only RENT facilities to others using old processors in Blockdomes which are now fraught with problems.
Cetac, UAMA had to seek creditor protection from the power COOP that provides power to the Blockdomes.
Read the 2020 Annual Report. Then re-read it to truly see how troubled UAMA is.
UAMA can be expected to fail in 2020. There are problems on all fronts and they have no capital.
UAMA CEO needs to go! He's incompetent!
The track record of Benoit Laliberte is horrible. He has totally compromised everything he has ever touched and has brought UAMA to the brink of extinction.
SEC complaint now making its way to State AG level and expect Benoit Laliberte to face complaint with likely same result as SEC vs Brooks in Texas. Banned from public company officer position, raising capital or promotion of public companies, etc. It is expected fines will be levied at higher levels due to his past convictions on 44 counts of stock fraud, market manipulation and deceiving investors.
After Annual Report changing poster labels.
In view of crippling disclosures in 2020 Annual Report any shareholder/poster who supports this fraudulent enterprise without criticism shall be labeled as pathetic posters.
UAMA failing! $13 in trades today!
What a joke!
UAMA is done!
Prediction - UAMA will fail this year!
Cue the music! "This is the End", the Doors.
The 2020 Annual Report confirms my observations and predictions for UAMA.
Complicit posters attacked me, though they're noticeably silent now except to change the subject. Some even suggested paying me a visit and posted pictures of my residence. While they're welcome any time they should be aware Washington is "Open Carry" state so be careful if you ever decide to make good on those threats. Also know you have been identified and have been reported to Whatcom County Sheriff, Washington State Patrol, FBI and the RCMP.
Well if you've read this far, you're interested in UAMA and the news of its decline is likely now near the end of the last chapter.
I now predict that UAMA will fail this year! All the missteps are finally catching up with them and I have reason to believe that Benoit Laliberte will soon be charged in the US for the fraudulent filing in 2019 wherein he claimed as UAMA President, CEO and CFO that he had "No Convictions" in prior ten (10) years, which of course is incorrect as witnessed by AMF convictions following their appeal.
If the Florida Court decides in the same manner as SEC vs Brooks he will be removed from his office and banned from holding any future office in a public company. Given his record, I suspect a Judge my impose a stiffer than normal fine as well.
That will be the end of UAMA as there is nobody with the talent to turn this turkey around!
Volume declining as UAMA dying!
Simple really.
No corporate progress in last 24 months.
TNW Wireless failed, $47M bankruptcy of Telephone,Navigata, West and a couple of numbered companies, screwups at cryptocurrency mining activities and general malaise.
Funny! On hearing UAMA loss v Bitmain et al.
Incompetence knows no bounds at UAMA.
Now comes a complicit poster saying (upon news of Bitmain Anti-Trust Suit loss),"at least its out of the way"
Investors who think that way only encourage incompetent CEOs.
Maybe, just maybe, critical comment encourages the incompetent to do better or head for the door!
Clearly, Benoit Laliberte, UAMA CEO is unfit for the job. He had no experience in a corporate environment when he started Jitec and it was obvious his ego was running unchecked. So Directors and advisers allowed his incompetence to flourish unchecked. They failed miserably in their fiduciary duties to provide proper direction to the enterprise.
UAMA could have been saved by good governance, though too late now!
UAMA CEO a lightweight! Needs to GO!
He's incompetent and has never built a business of lasting value. Let that fact set in for a moment. Were he employed by a "real company" with a real Board of Directors, he would have been gone long ago.
There's been no progress under this loser for years.
He likes to revert to law suits to deflect attention from his own failures? Try that in a real business. Any Fortune 100 Company would have dumped him after only a few quarters of his missteps.
Just think:
• patent litigation failed after four (4) years
• $47M bankruptcy "the crowning achievement of Mr. Laliberte" gutted the whole enterprise
• entered wireless through acquisition of market-ready carrier with spectrum licenses and "blew it".
• anti-trust litigation failed
• defamation litigation died but not before Singh LaMarch filed suit against their client Laliberte
To any unbiased and objective observer Benoit Laliberte is incompetent and needs to resign. His abysmal track record had brought yet another enterprise to the brink of failure.
UAMA has little time left.
UAMA CEO commonly loses law suits!
All part of his BS style.
He's incompetent and has never built a business of lasting value. Let that fact set in for a moment. Where he employed by a "real company" with a real Board of Directors, he would have been gone long ago.
There's been no progress with this loser for years.
He likes to revert to law suits to deflect attention from his own failures? Try that in a real business. Any Fortune 100 Company would have dumped him after only a few quarters of his missteps.
Just think:
• patent litigation failed after four (4) years
• $47M bankruptcy "the crowning achievement of Mr. Laliberte" gutted the whole enterprise
• anti-trust litigation failed
• defamation litigation died but not before Singh LaMarch filed suit against client Laliberte
To any honest observer Benoit Laliberte is incompetent and needs to resign. His abysmal track record had brought yet another enterprise to the brink of failure. UAMA has little time left.
UAMA CEO needs to resign. CP (Canadian Press) 49. As stated above, Mr. Laliberte is an undischarged bankrupt. Despite this, he has claimed
UAMA President, CEO, CFO convicted criminal and bankrupt!
He has been labeled as such by The Canadian Press. You can rest assured it is true as Mr. Benoit Laliberte has not filed suit against this news organization.
Mr. Benoit Laliberte is President, CEO & CFO of UAMA! All three positions held by Mr. Benoit Laliberte who was found guilty on 44 of 48 counts, stock fraud, market manipulation and deceiving investors. What kind of a company has convicted criminal CEO? CAVEAT EMPTOR.
evidence:
"Montréal – In a decision handed down on April 28, 2009, Judge Richard Wagner of Superior Court (Criminal and Penal Division), district of Montréal, found Benoît Laliberté guilty of three of the four charges under an appeal launched by the Autorité des marchés financiers (AMF) in September 2008.
At the request of the AMF, the Court thereby quashed the acquittal verdicts issued by Judge Céline Lacerte-Lamontagne in February 2008 in respect of charges 6, 9 and 38. Specifically, the AMF succeeded in its appeal in respect of two charges related to an insider's obligation to report transactions within the time period prescribed by law and in respect of one charge related to making misrepresentations in a press release."
and more evidence:
PUBLISHED FEBRUARY 22, 2008 (Toronto Globe & Mail)
UPDATED APRIL 26, 2018 (Toronto Globe & Mail)
The former head of Jitec Inc. was convicted yesterday of insider trading and deceiving investors while pumping up the value of his now-defunct Montreal high-tech firm. A judge found Benoit Laliberte, 35, guilty on 41 of 48 counts of breaking Quebec's securities laws. Quebec's securities regulator will seek about $1.5-million in fines plus costs from Laliberte for manipulating share prices while the company was listed on the Montreal Stock Exchange. Thirty of the convictions were for failing to disclose changes in Laliberte's control over Jitec shares. The rest of the counts were for insider trading, deceiving investors in news releases and inflating the value of contract.
Then there's the FAILURE to properly disclose material PERSONAL BANKRUPTCY to investors and in SEC filings. Evidence in CCAA Proceedings before the Supreme Court of BC produced the following:
to be an officer and/or representative of a variety of companies in the TNW Group, most
recently being Teliphone and Investel Capital Corporation.
Ask yourself, "What kind of company has convicted criminal CEO?"
Caveat Emptor - CAVEAT EMPTOR - see OTC Markets - UAMA
Funny! Not hearing cheers from complicit posters!
Guess they read confirmation of most of what I've been saying since 2019.
UAMA now obviously an enterprise struggling to survive.
UAMA considering:
• write-downs,
• seeking creditor protection from power company in Quebec,
• "going concern" warnings
If they hadn't made so many missteps that might be a possibility.
However, the track record and continued litany of missteps by management are defining for UAMA.
I don't believe that Benoit Laliberte has the talent or ability to save this business. His convictions make it difficult to raise expansion capital and it seems clear there is no working capital.
UAMA is on life-support! Expect it to fail!
What a crock! Another Laliberte legal LOSS!
Mismanagement has killed UAMA and Benoit Laliberte, President, CEO and CFO needs to go.
My SEC complaint has legs now and referred to State court level. Just a matter of time.
When that happens he'll be gone for good and that will likely be the death knell of UAMA.
Read devastating UAMA 2020 Annual Report. Write-offs!
Read about potential planned write-downs on Pages 12 & 13.
Page 12- UAMA considering write-down of investment in TNW Wireless.
Page 13 - UAMA considering write-down related to assets of TNW Networks.
Consider these strong signs of deep decay in this fraudulent enterprise. UAMA is failing fast!
Management and particularly Benoit Laliberte, CEO are ignorant of wireless industry and how to make money in this business. Farcical presentation before the CRTC was destined to fail. Garbage in, garbage out! Benoit himself screwed up the RuralCom acquisition. RuralCom CEO had built market-ready business and had outside financial support to quickly build and expand the business as a wholesale cellular provider. That business model well-proven by the likes of Comment Wireless LLC and others. RuralCom CEO had premium-priced roaming agreements in place with AT&T, Verizon, Sprint and T-Mobile. Mr. Laliberte thought he'd fire that CEO and go directly to the documented sources of capital. Those sources of capital showed him the door! His incompetence, business ethics and convictions aren't attractive qualities for a business partner.
UAMA's failure will be as a result of Benoit Laliberte's incompetence.
Funny! Not hearing cheers from complicit posters!
Guess they read confirmation of most of what I've been saying since 2019.
UAMA now obviously an enterprise struggling to survive.
If they hadn't made so many missteps that might be a possibility.
However, the track record and continued litany of missteps by management are defining for UAMA.
I don't believe that Benoit Laliberte has the talent or ability to save this business. His convictions make it difficult to raise expansion capital and it seems clear there is no working capital.
UAMA is on life-support! Expect it to fail!
UAMA sinking fast. Read all today's posts!
Absolutely no upside for UAMA under convicted criminal CEO. (so labeled by The Canadian Press!)
Failures on all fronts:
1) Crypto-Mining - sophomoric Blockdomes only being rented to small players and only 71% capacity. Problems with power and in litigation with power coop. Likely due to missed/late/no payments. UAMA not even on list of cryptocurrency miners in Quebec.
2) Wireless - a total disaster and total failure. Management says they may take a write-down of TNW Wireless.
3) Patents - another disaster. No license revenue so maybe patents weren't worth anything in first place. Litigation a total waste of money and apparently management time.
4) Anti-trust Litigation - truly pathetic, go nowhere, litigation to try and get UAMA on stage. Another total waste of money and management attention.
As if to validate failure mode, the 2020 Annual Report contains very troubling admissions related to UAMA's ability to be a "going concern". That suggests that the end is near!
True character, ethics of UAMA CEO revealed!
"E & Y is fu___d" written by UAMA CEO"
UAMA CEO character on public display! Disgusting!
E & Y is Ernst & Young!
Character and demeanor of UAMA CEO on full display here.
"E &Y is f _ _ _ _d if you confront me one more time" is title of e-mail sent by Benoit Laliberte to an Officer of the Court.
This is a direct quote from a May 19, 2019 e-mail entered into evidence via Affidavit in the continued CCAA Proceedings in the Supreme Court of BC. Click on the link to read the real language that UAMA CEO used to threaten an Officer of the Court. Uncensored so you can access the truth!
Here is the link to the official Affidavit filed before the Supreme Court of BC:
https://documentcentre.eycan.com/EYCMLibrary/8640025%20Canada%20Inc%20(dba%20Telephone%20Navigata-Westel%20Communication)%20&%20Telephone%20Data%20Centers%20Inc/English/Motion%20Materials/Affidavits/Affidavit%201%20of%20Phoebe%20Fasihi,%20sworn%20on%20Aug%208,%202019%20.PDF
This speaks volumes to the character, ethics and business practices of Mr. Benoit Laliberte, UAMA President, CEO and CFO.
Laliberte, UAMA CEO says he is "hangry". Wow!
Read it in last paragraph of his threatening e-mail to Mike Bell at E & Y dated May 15th 2019.
"Your only remaining chance is that I do not dislike and like you otherwise you would not be in a very good place now. I am hangry."
https://documentcentre.eycan.com/EYCMLibrary/8640025%20Canada%20Inc%20(dba%20Telephone%20Navigata-Westel%20Communication)%20&%20Telephone%20Data%20Centers%20Inc/English/Motion%20Materials/Affidavits/Affidavit%201%20of%20Phoebe%20Fasihi,%20sworn%20on%20Aug%208,%202019%20.PDF
UAMA President, CEO, CFO convicted criminal and bankrupt! CP (Canadian Press) 49. As stated above, Mr. Laliberte is an undischarged bankrupt. Despite this, he has claimed
He has been labeled as such by The Canadian Press. You can rest assured it is true as Mr. Benoit Laliberte has not filed suit against this news organization.
Mr. Benoit Laliberte is President, CEO & CFO of UAMA! All three positions held by Mr. Benoit Laliberte who was found guilty on 44 of 48 counts, stock fraud, market manipulation and deceiving investors. What kind of a company has convicted criminal CEO? CAVEAT EMPTOR.
evidence:
"Montréal – In a decision handed down on April 28, 2009, Judge Richard Wagner of Superior Court (Criminal and Penal Division), district of Montréal, found Benoît Laliberté guilty of three of the four charges under an appeal launched by the Autorité des marchés financiers (AMF) in September 2008.
At the request of the AMF, the Court thereby quashed the acquittal verdicts issued by Judge Céline Lacerte-Lamontagne in February 2008 in respect of charges 6, 9 and 38. Specifically, the AMF succeeded in its appeal in respect of two charges related to an insider's obligation to report transactions within the time period prescribed by law and in respect of one charge related to making misrepresentations in a press release."
and more evidence:
PUBLISHED FEBRUARY 22, 2008 (Toronto Globe & Mail)
UPDATED APRIL 26, 2018 (Toronto Globe & Mail)
The former head of Jitec Inc. was convicted yesterday of insider trading and deceiving investors while pumping up the value of his now-defunct Montreal high-tech firm. A judge found Benoit Laliberte, 35, guilty on 41 of 48 counts of breaking Quebec's securities laws. Quebec's securities regulator will seek about $1.5-million in fines plus costs from Laliberte for manipulating share prices while the company was listed on the Montreal Stock Exchange. Thirty of the convictions were for failing to disclose changes in Laliberte's control over Jitec shares. The rest of the counts were for insider trading, deceiving investors in news releases and inflating the value of contract.
Then there's the FAILURE to properly disclose material PERSONAL BANKRUPTCY to investors and in SEC filings. Evidence in CCAA Proceedings before the Supreme Court of BC produced the following:
to be an officer and/or representative of a variety of companies in the TNW Group, most
recently being Teliphone and Investel Capital Corporation.
Ask yourself, "What kind of company has convicted criminal CEO?"
Caveat Emptor - CAVEAT EMPTOR - see OTC Markets - UAMA
Put UAMA CEO out to pasture! Its time!
Real companies focus on results. When the CEO has serial failures as is the case with Mr. Benoit Laliberte, they get replaced. Find an honorary position, guru status or whatever and get him out of management role.
Bring in someone with even a modest pedigree and give them 12 months to turn the beast around. Its what VCs would demand and it desperately needs to be done at UAMA.
Any CEO worth their title would quickly take inventory and develop a real plan with goals and milestones clearly documented.
It's done all the time and with the right hire businesses get saved and turned around.
What doesn't work is keeping a proven incompetent at the helm supported by complicits that share same talent deficits as Mr. Laliberte.
UAMA not a miner! Mostly nothing!
Compare UAMA to HUT 8 (TSX - HUT)
HUT 8 is Canadian company and knows how to build miners effectively and at low cost. Wow! They didn't spend any time or money on making them look pretty or "green".
Note they have no goofy domes or BS coolers. They focused on building processing power and mining coin. Yes mining coin and they now own more Bitcoin than any other miner in the Western Hemisphere.
Did it all in Alberta of all places. Did it quick and while not pretty, very effectively. Contrast to the BS "greeny-weenie" Blockdomes that cost more and do less!
HUT 8 owns 3,012 Bitcoins with balance sheet value of $186M $CDN as of February 17, 2021. Wonder how many Bitcoin UAMA et al own? My guess none as in ZERO!
Hut 8 has 1,073 PH/s and 109 megawatts of power in production. UAMA has only 6 MW in production for others.
Mention this to illustrate how insignificant UAMA's mining was/is. Facts are facts and UAMA can never raise the kind of capital to get into this game now as new more powerful processors are expensive!
UAMA too little, too late and not competitive.
Same can be said for UAMA (TNW Wireless) foray into wireless.
UAMA "going concern" worries! Raise capital?
Here's the quote directly from the 2020 Financial Report & Notes:
"The Company plans to raise additional capital to carry out its business plan. Although the Company has been successful in raising sufficient financing in the past to meet its cash requirements though equity and debt, the Company’s ability to raise additional capital through future equity and debt securities issuances is unknown. Obtaining additional financing, the successful development of the Company’s contemplated plan of operations, ultimately, to profitable operations are necessary for the Company to continue operations"
Unknown?
Well here's a guess. Probabilities to raise capital from banks or financial institutions practically nil. These institutions are oddly reticent to lend to businesses by a convicted criminal CEO who was found guilty on 44 counts of stock fraud, market manipulation and deceiving investors. What a surprise!
UAMA CEO fond of deceiving investors!
Mr. Benoit Laliberte has solid credentials in this area. Found guilty on 44 counts of stock fraud, market manipulation and deceiving investors. He's clever and if you leaf back through all the Press Releases of the past few years you'll find evidence of grandiose statements suggesting there were plans to greatly expand the business. Like the huge cryptocurrency mining campus in Quebec that never materialized.
The stark reality is that Mr. Laliberte has a truly accomplished track record as an incompetent chief executive. He's summarily destroyed a number of businesses, though his crowning achievement was the $47M bankruptcy of Telephone, Navigata, Westel which is still before the Supreme Court of BC. That proceeding has seen all the worthwhile assets sold off to Distributel with the employees following those assets. He's managed the demise of Jitec, Inelco, Teliphone, Navigata, Westel, TNW Wireless and TNW Networks. There is no credible evidence to suggest he has ever turned a business around.
Its really funny to read how Investel held itself up as a enterprise that could take over troubled telecom companies and, through their superior abilities, could turn them into successful businesses. What a sick joke. Propelled only by ego of Benoit Laliberte and his total lack of management ability they were never able to make a success of any business. None!
The Canadian Press has labeled him a convicted criminal and the makes it virtually impossible for him to raise any capital from institutional sources.
To truly comprehend the depth of Mr. Laliberte's incompetence read the 2020 Annual Report. Anyone with any level of sophistication can see first-hand the results of how he has personally compromised every business he has touched.
UAMA a fraud. Not a miner, a faker!
Typical Benoit Laliberte, UAMA President, CEO and CFO. You'll recall he was found guilty of 44 counts of stock fraud, market manipulation and deceiving investors. He seems to have a particular fondness for the latter. You know, treat shareholders like mushrooms, keep them in the dark and feed them manure.
In 2020 Annual Report you'll read admission that they weren't directly mining but providing services to others which was terminated on or about February 12, 2020. A 2020 article wherein Lawry Trevor-Deutsch refers to miners as only clients and refers to UAMA et al as the landlord confirms this. Then conflict over power rates, terms and conditions from power COOP or was it late payment? UAMA, Cetac, et al sought creditor protection. Wow! That's a big warning sign. On the heels of $47M bankruptcy of Telephone, Navigata, West et al in The Supreme Court of BC which is still open.
Then we read UAMA, Cetac et al suspended mining operations on May 25, 2020 and filed suit against power COOP. Was that because they were seriously delinquent on their power bills? Those who follow the antics and business ethics of Mr. Benoit Laliberte know the answer. His business practices even caused one Judge to comment that "regular breaches of contracts seems to be a business practice of Mr. Laliberte".
In the 2020 Annual Report you'll read that management has suspended interest on other business and is focused on cryptocurrency mining. The level of incompetence inside UAMA is astounding.
No signs of any "wins" or progress in past two years. UAMA is in full failure mode. Only question is how long can it survive?
Deep decay in UAMA and predictably a very bleak and short future.
UAMA struggles to pay for electricity!
Signs of distress all over UAMA and yet material information in short supply.
Here's a quote from 2020 Financials that will get your attention:
"As a result or this and coupled with low cryptocurrency prices, on March 11, 2020 9688 filed for creditor protection to prevent the COOP from disconnecting service. The resulting protection order allowed 9688 to maintain operations on the basis of weekly prepayment of electrical services."
Here we go again! Shows UAMA et al's troubles just below the surface and all over this enterprise.