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FRADULENT COMPANY PUMP AND DUMP
DO NOT BUY THIS STOCK. FOR THE SAKE OF ALL OF US THAT HAVE BEEN DEFRAUDED BY DAN SCAMMELL , HIS WIFE COLLEEN SCAMMELL, TODD SIEGEL NOW TODD SHELDON.
THIS IS A CRIMINAL ENTERPRISE. YOU HAVE BEEN WARNED. THERE IS NO BUSINESS HERE AND NEVER WILL BE. WHEN YOU BUY STOCK, IT IS SOLD BY NOMINEES IN FIJI, THE PHILIPPINES, AND THEN DIVERTED BACK TO THE CRINIMAL SCAMMELL.
YOU HAVE BEEN WARNED
REMINDER-CRIMINAL ENTERPRISE
You've been warned. Dan Scammell, a PROLIFIC criminal who resides in Vancouver, is the man behind the curtain of this FRAUD. Seeing some volume recently, I'd like to put out the reminder that the sole purpose of this stock is to be pumped and dumped, with shares sold by nominees that reside in Fiji and the Philippines. The beneficiary is DAN SCAMMELL of VANCOUVER, BC. Please google the name and vancouver, and you will see the frauds he has purported. Unfortunately, since he is Canadian, he gets away with it. If he was American he would be behind BARS for life.
He has defrauded investors of millions, and will continue to do so until 1)He is dead, 2)He is dead.
DO not invest in this name. Unfortunately this name should have been delisted years ago for no filings, which even if they were made, they are fraudulent and cooked books. There is no business. Never will be.
DO NOT FALL INTO THIS TRAP AS HUNDREDS OF OTHERS HAVE BEEN DEFRAUDED BY DAN AND COLLEEN SCAMMELL(HIS WIFE).
Prolific Criminal behind Company.
Dan Scammell and his wife Colleen are behind this FRAUD. They are in Vancouver and sheltered from US securities laws. Google Dan scammell vancouver and you will see. Do NOT lose your money to these pump and dump crooks like many thousands before have.
VSMR has no business and NEVER will have any business. The fact that this isn't delisted by now is disturbing to say the least
Tookmymoneyandran,
Thanks for bringing light to another fraudster involved with this POS scam of a company. Never had dealings with him, and sorry that you have gone through this. British Columbia is simply a hotbed for criminals like the Scammells and Weigel. If these guys were in America, they would guaranteed be in a prison cell. But Scammell, is still putting out fake news releases about this worthless company having people here hope something good happens. Very sad. This company is going nowhere except getting delisted.
Listen, I live in Vancouver and know what this guy has done to hundreds of families and thousands of individual investors. Maybe Lou is a real guy, but the guy behind the curtain calling all the shots is a criminal. I wish you guys the best of luck. Trying to warn innocent investors that will be duped. You have been warned
This company at a 50mil valuation is outrageous. This thing should be 1 cent until it actually has a business with revenue-WHICH IT DOES NOT. Unaudited financials and a 50 mil market cap? Lol. OK dude.
Hopefully all of you investors make money and get out. Hopefully this time it's a real business. I'm done with this board for good.
Sir, Dan Scammell is a ruthless ponzi scheming criminal. If he were a US citizen, he would be in a prison for things he has done, and apparently now is continuing to do. As a Canadian in Vancouver, they slap him on the wrist, give him a 1.2 million dollar fine and allow him to keep working behind the scenes.
1)He owns millions upon millions of shares through nominees. This way he hides behind the curtain. He is responsible for crafting these "press releases" and arranging stock promotion through his various contacts.
I recommend you request a list of shareholders for this company, and you will find the truth quickly-stock owned by offshore entities in foreign countries....
2)The directors and officers are one guy-Tony Cinotti. He is Scammell's point man and controls the corporation for him. Every else is a place marker
https://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=9vmfN85ZXrm4kO1ywWEigw%253d%253d&nt7=0
3)Anyone can lie. These guys are great at it
4)HE DID NOT LOSE MONEY. If we really came down to it, I could provide you a list of losers. Scammell NEVER invests his own money in anything. He uses other people's money, then pumps the stocks and pockets the cash through his nominees
5)Yes, he went bust several years ago. The renovations occurred during the period that he was "raising money" for Verify Smart.
6)The pump is obviously starting behind the scenes. Correct the volume will follow once they start the promotion and flow of fake news
7)Dan Scammell IS VSMR. Period. He controls the float and the one officer/director board. It's what he does. Do you think I make this shit up in my sleep? Wake up
8)Good luck. When he pumps dump it. It will never be a real company because he doesn't do business with legitimate business people. Just my warning. I know MANY MANY MANY that have been defrauded by him and he is behind this sham.
It's my mission in life to warn the world about this crook, because the lax justice system in B.C. will never do it. HE IS A FRAUD and so is this BULLSHIT company.
You are completely insane to trust an unaudited filing from this company, which was headquartered in the Philippines originally. And no, those are not EDGAR filings. Good luck if you're a real investor and not in on this pump and dump scam.
No big money will ever plow into this shit company
Oh course he's not an employee. I never said he was. He's the man behind the curtain, pulling all the strings. When shit hits the fan, he disappears, since his nominee owned stock, which is sold for profit and held in offshore accounts is hardly traceable.
The officers and directors, ceo, and everyone else will be left holding the bag when it blows up. Happens with this guy every time.
Why would you guys argue for this guy if there is a direct link of fraud to him, and it's his name on the patent, etc.
Good luck. We'll meet up back again when all of you are at zero with this shit pump and dump.
DELINQUENT FILER
Please show us through edgar, where this company's latest filing is since 3/5/2013. It's on a list to be delisted. God bless it gets delisted to save the poor people out there duped into buying this worthless s-it stained toilet paper.
Delinquent Financials by SEC Registrant Issuers at risk of SEC Suspension: *** All dates are for the last posting date for Financials for an earlier quarter or year-end reporting date. Note: As of July 8,2016 123 stocks from the list have been SEC Suspended and have either had their stock registrations revoked or are in the process of having their stock registrations revoked. All are hilited in black.
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VPRO Viropro, Inc. 2012-08-07
VPWI Viper Powersports, Inc. 2013-12-12
VSMR Verify Smart Corp. 2013-03-05
VSRV Voiceserve, Inc. 2013-02-09
VTPI Vital Products, Inc. 2013-09-24
WCYN West Canyon Energy Corp. 2013-03-05
WGEI WindGen Energy Inc. 2012-11-16
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WILD Wild Craze, Inc. 2013-11-14
WLSI Wellstar International Inc. 2010-12-15
WMEG World Mortgage Exchange Group Inc. 2011-11-15
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WNEA Wind Energy America Inc. 2010-10-12
WPTH Westport Energy Holdings, Inc. 2013-01-11
WSML White Smile Global, Inc. 2012-07-23
WTMK Whitemark Homes, Inc. 2012-11-13
XCRP Xcorporeal, Inc. 2011-04-20
XNGR Exergetic Energy, Inc. 2011-11-21
YSYB Yanglin Soybean, Inc. 2013-04-17
YUII Yuhe International Inc. 2011-05-16
YZSK Ya Zhu Silk, Inc. 2012-12-17
ZMDC USA Zhimingde International Group Corp. 2013-05-13
ZORM Zoro Mining Corp. 2013-03-25
ZVTK Zevotek, Inc. 2012-11-19
ZWIH Zhong Wen International Holding Co.Ltd. 2012-11-19
Here you go. Check out SEC.gov(of course which you wouldn't do since you're in on this scam)
But for everyone else, be forewarned- nothing since 2013. And that was all cooked probably anyway...
https://www.sec.gov/cgi-bin/browse-edgar?company=verify+smart&owner=exclude&action=getcompany
I'm going to say this for one last time
Verify smart has NO software. The company has no revenues, and no cash to do business with. It has 5 years of UNAUDITED financials, which means they are cooked numbers at best.
If you made money in this stock in the pump, make sure you dump, because this thing is eventually going to be at zero. There is one guy that owns all the free float stock, hidden behind nominee ownership. DAN SCAMMER. I MEAN SCAMMELL.
The PR of this company is bogus and there is no business to speak of. They are trying to bank on cryptocurrencies to pump this thing up.
If you're in for some risk, go buy bitcoin. At least it has a tangible market-not to say you'll make any money there...
But this company, and the criminal sitting behind the scenes, Dan Scammell, is going NOWHERE but to zero one day-after he attempts to sell his stock to all of you on some pump and dump.
This was supposed to be delisted by the SEC for 2 years now as they don't file.
This is this guy's last ditch attempt to pump and dump so BEWARE.
The CRIMINAL behind this company, Dan Scammell, is a convicted Vancouver stock promoter
This stock is being promoted somewhere, probably by mailer or email, as those are his preferred forms of manipulating companies that generate ZERO revenue, and NEVER will.
This company is a COMPLETE and UTTER SCAM. BEWARE
PUMP AND DUMP FRAUD
NO ASSETS. NO CASH FLOW. WHITE COLLAR CRIMINAL VANCOUVER BASED STOCK PROMOTER OWNS THE TRADABLE FLOAT THROUGH NOMINEES.
GET READY TO GET BURNED UNLESS THE SEC SHUTS THIS PONZI SCHEME DOWN. UNAUDITED FINANCIALS CRAFTED IN THE BACK ROOM OF SOMEONE'S HOUSE. WHAT A SCAM. A SCAMMELL FRAUD PRODUCTION
https://www.bcsc.bc.ca/News/News_Releases/2012/43_BCSC_panel_sanctions_two_men_for_illegally_trading_and_distributing_securities/
https://www.prnewswire.com/news-releases/asc-reciprocates-bans-against-daniel-scammell-casper-de-beer-verifysmart-corp-and-verified-transactions-corp-211401051.html
http://www.vancouversun.com/business/baines+coquitlam+stock+promoter+associate+suspended+from/6633706/story.html
PUMP AND DUMP STARTING
Looks like the Dan Scammer, I mean Dan Scammell Pump and Dump promotion is starting. Unaudited financials, with a white collar ponzi schemer behind the scenes.
Report this company to the SEC. IT is a complete and utter fraud, run by the fraudster Dan Scammell and his wife Colleen. The officers and directors of this company, Tony Cinotti, are straw men and puppets of Dan Scammell.
https://www.bcsc.bc.ca/News/News_Releases/2012/43_BCSC_panel_sanctions_two_men_for_illegally_trading_and_distributing_securities/
Company and Dan Scammell are a COMPLETE FRAUD
The man behind this fraudulent curtain shell company and his wife Colleen are the finest of white collar criminals you will ever meet. DO NOT buy this company. It hasn't posted financials in years, and when it does, the books are guaranteed to be cooked. He hides out in Vancouver and continues to lure in unsuspecting people into his fraudulent companies. The stock is all owned in offshore entities so when he sells, they cannot track him. He has already been convicted for illegally raising money for this company (which went into renovating his house that has long since been foreclosed upon). Save your money, contact the SEC and have this POS fraud shell delisted. It's been on the delist list for a few years now, and any day now it will be gone. The PR is comical at best. Do your research into the backgrounds of everyone involved in these PR reports and you will be sure to find a list of convicted felons.
http://www.vancouversun.com/business/baines+coquitlam+stock+promoter+associate+suspended+from/6633706/story.html
http://www.advisor.ca/news/industry-news/two-men-fined-1-2-million-by-bcsc-79316
No Filings +Dan Scammell + Pump&Dump= FRAUD
Do not believe the previous poster's hype-this company was always a fraud and is still a fraud, secretly masking the true owner of nominee held stock by Dan Scammell of Coquitlam BC. He is a Canadian Bernie Madoff on a smaller scale. This company will never make money, will never have a viable business model, and Dan Scammell is responsible for the pumping of fake news stories to somehow put lipstick on this tainted PIG. Go to SEC.gov and see that the company has not made a filing since 2013. All of the unaudited financials posted were created by one of Scammell's cronies and have no validity to them.
Unfortunately David Baines retired, but read a little about this scam before you even think of investing.
SCAM SCAM SCAM. There is no business here and will never be. The company stock is controlled by one hidden guy. There will be nothing left of a business even if it got there-which if you know Scammell it won't.
DO NOT buy into this FRAUD.
http://www.vancouversun.com/business/baines+coquitlam+stock+promoter+associate+suspended+from/6633706/story.html
https://www.sec.gov/cgi-bin/browse-edgar?company=verify+smart&owner=exclude&action=getcompany
NO FILING SINCE 3/5/13 DON'T BUY!!!!
VANCOUVER STOCK PROMOTER PONZI SCHEME. DO NOT BUY AND REPORT THIS FRAUD COMPANY TO THE SEC SO THEY DELIST IT.
http://www.vancouversun.com/business/2035/Baines+Coquitlam+stock+promoter+associate+suspended+from/6633706/story.html
http://bcsc.bc.ca/Enforcement/Decisions/PDF/2012_BCSECCOM_176_pdf/
DON'T BUY- NO ASSETS. NO FILINGS FOR YEARS. SHELL COMPANY INDIRECTLY OWNED BY DAN SCAMMELL, A PROLIFIC SCAMMER FROM COQUITLAM BC.
SAVE YOUR MONEY. REPORT THIS COMPANY TO SEC TO DELIST
REPORT TO SEC TO DELIST THIS FRAUD
Dan and Colleen Scammell stock fraud. Do not buy this stock. They are fraudulent Vancouver based promoters that run penny stock frauds-not legitimate business. This company files no legitimate financials. Yet someone is trading it again. Do not fall for this shell game fraud.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3A*BCSC-1914651&symbol=*BCSC®ion=C
http://www.bcsc.bc.ca/News/News_Releases/2012/43_BCSC_panel_sanctions_two_men_for_illegally_trading_and_distributing_securities/
THIS IS A FRAUD. NO BUSINESS AT THIS COMPANY. YOU ARE FUNDING AN ILLEGAL ENTERPRISE WHEN YOU PURCHASE THIS STOCK. CONTACT THE SEC TO DELIST THIS SCAM COMPANY
Delinquent Dan & Colleen Scammell Stock Fraud
This company needs to be delisted immediately. It is a pump & dump stock fraud run by the now sanctioned Ponzi scammer Dan Scammell and his crooked wife Colleen Scammell. They are professional crooks that are trying to revive this empty, fraudulent company.
Report them and Tony Cinotti, their puppeteer front man, to the SEC.
If the Scammells ever call you asking for money, don't ever write them a check. They are fraudulent ponzi scammers and stock fraudsters from Coquitlam BC. Their house was foreclosed last year and they are at the end of the ropes. Please report these people to the BCSC if they continue to defraud you and DO NOT BUY THIS STOCK!
http://www.vancouversun.com/business/2035/Baines+Coquitlam+stock+promoter+associate+suspended+from/6633706/story.html
Company LOSES ALL LAWSUITS. HAS NO ASSETS
This company actually filed suits against apple, BofA, HSBC and Microsoft and each case was dismissed shortly after filing. Proves the company is a scam with no assets. Report Dan Scammell and his scummy wife Colleen Scammell to the BCSC and SEC.
Dan Scammell has already been indicted on securities fraud for Verify Smart and owes 1.2 million in restitution. Do not ALLOW the ponzi scammer stock promoters to defraud you.
????????????Case 2:15-cv-06207-KM-JBC Document 8 Filed 09/21/15 Page 1 of 1 PageID: 73
VERIFY SMART CORP., Plaintiff,
Civil Action No. 2:15-CV-06207-KM-JBC
APPLE INC.,
NOTiCE OF VOLUNTARY DISMISSAL WITH PREJUDICE OF DEFENDANT APPLE INC.
V.
UNITED STATES DISTRICT COURT FOR THE DISTRICT OF NEW JERSEY
Defendant.
Pursuant to Rule 41 of the Federal Rules of Civil Procedure, Plaintiff Verify Smart Corp. (“Verify”) hereby moves, stipulates and agrees subject to and upon the Court’s approval that: (i) all of Verify’s claims in the action against Apple Inc. shall be dismissed with prejudice and (ii) each party shall bear its own costs, expenses and attorneys’ fees.
Dated: September 18, 2015 Westfield, NJ 07090
IT IS on this
SO ORDERED.
By: Is/Jean-Marc Zimmerman Zimmerman, Weiser & Paray LLP 226 St. Paul Street
Westfield, New Jersey 07090
Tel: (908) 654-8000
Fax: (908) 654-7207
jmz@zwpllp.com
Attorneys for Plaintiff Verify Smart Corp.
H n. Kevin McNulty, U.S.D.J.
Company is a scam with no assets, and Dan Scammell as the man behind the curtain of a pump and dump. Report this scam to the SEC
VERIFY SMART PATENT LAWYER TROLL ZIMMERMAN SANCTIONED BEFORE
The legal filings state that Verify is not a public company. Fraud fraud fraud.
http://www.lexology.com/library/detail.aspx?g=9702ec63-bf47-4581-93aa-8d18c7865aa4
Typical Scammell stock pump and dump fraud. Verify has no assets and Scammell is banned by the BCSC for being a fraudster
https://www.biv.com/article/2012/5/bcsc-sanctions-men-for-illegally-trading-and-distr/
Verify Smart filing bogus lawsuits and are losing all of them. COMPANY HAS NO ASSETS-DAN SCAMMELL STOCK FRAUD
Case 2:14-cv-05117-KSH-CLW Document 30 Filed 06/30/15 Page 1 of 1 PageID: 371
VERIFY SMART CORP., Plaintiff,
v.
BANK OF AMERICA, NATIONAL ASSOCIA TION,
Defendant.
Civil No.: 14-5117 (KSH) (CLW)
Order
UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY
????THIS MATTER having come before the Court upon the motion of defendant Bank of America,N.A.,forentryofanorderpursuanttoFed.R.Civ. P.12(b)(1)and(b)(6)dismissing plaintiff’s complaint [D.E. 13], and the Court having considered the submissions of the parties and oral argument, if any, for good cause shown, and for the reasons set forth in the opinion filed herewith,
IT IS on this 30th day of June, 2015, hereby
ORDERED that defendant’s motion to dismiss pursuant to Fed. R. Civ. P. 12(b)(1) is granted without prejudice; and it is further
ORDERED that defendant’s motion to dismiss pursuant to Fed. R. Civ. P. 12(b)(6) is denied as moot.
/s/Katharine S. Hayden _ Katharine S. Hayden, U.S.D.J.
?
6 08/17/15 08/17/15 ORDER VOLUNTARILY DISMISSING CASE w/prejudice & w/out costs as to deft., MICROSOFT CORPORATION,. Signed by Judge Madeline C. Arleo on 8/17/15. (DD, )
Versus HSBC
1
2 08/12/14 08/12/14 NOTICE AND ORDER OF VOLUNTARY DISMISSAL. Signed by Judge William J. Martini on 8/12/14. (gh, )
No Asset=No Revenue=Dan and Colleen Scammell Stock Pump and Dump Fraud
Do not invest in this empty Scammell shell fraud. He has already been indicted by the BCSC. Do not lose your hard earned money to this disgusting vancouver based con man Scammell. If he was a US citizen he would be in jail.
Delist this company before more get sucked in by the Dan and Colleen Scammell Madoff Scam.
Long time Coquitlam stock promoter Dan Scammell and associate Caspar de Beer have been turfed from the B.C. securities market for at least five years after a B.C. Securities Commission hearing panel found they illegally sold $1.2 million worth of shares in two private companies.
The hearing panel — headed by BCSC vice-chairman Brent Aitken — also ordered the two men to disgorge to the commission the $1.2 million they illegally raised.
“As a matter of principle, we agree that if capital is raised in contravention of the Securities Act, it follows that it is appropriate that the amount raised be disgorged to the commission,” the panel stated in its decision, released Wednesday.
“If we collect any of the $1.2 million, it will go to the investors,” BCSC communications officer Richard Gilhooley said in an interview.
The panel also ordered the pair to pay $50,000 each in administrative penalties.
Until they pay the required amounts, their suspensions will remain in effect, even if the five-year period has expired.
This matter first came to public attention in February 2009 when The Vancouver Sun reported that Scammell was selling seed shares of VerifySmart Corp.
The company was developing software to prevent credit card fraud. Scammell told investors that a high-volume merchant processor had signed on to the company’s technology.
He projected revenues would climb to $200 million by the end of fiscal 2009, and the company’s share would start at five per cent ($10 million) and increase to 10 per cent ($20 million per year).
In March 2009, VerifySmart and a related company, Verified Transactions Corp., entered into a joint-venture licensing deal with a Nevada shell company, Treasure Explorations Inc., which traded on the OTC Bulletin Board in the United States.
The shell then changed its name to Verify Smart Corp. and embarked on an aggressive promotion.
Among other things, the company hired a California-based stock tout service, Cohen Independent Research Group Inc., to prepare an “independent” research report projecting millions of dollars in net profits and a soaring stock price.
However, the promised sales never materialized and investors were left with worthless paper.
In November 2010, BCSC enforcement staff issued a notice of hearing alleging that, from 2006 to 2009, Scammell and de Beer had sold $1.2 million worth of shares of VerifySmart and Verified Transactions to 99 investors in Canada and the United States without filing a prospectus and without being registered to sell or advise in securities.
The pair claimed they sold the shares under exemptions to prospectus and registration requirements, as provided in the Securities Act, specifically an exemption allowing for the sale of shares to friends, family members and business associates. However, the BCSC enforcement staff maintained that the purchasers did not fall into any of these categories.
A hearing was held in July 2011, and in December 2011, the panel found that Scammell and de Beer sold the shares without meeting prospectus and registration requirements.
In considering appropriate sanctions, the panel said there is no evidence Scammell and de Beer benefited from their misconduct. On the contrary, the panel said, it appears that both lost money.
However, the panel said, “there is evidence of significant harm to investors … There is no market for the securities the investors purchased, nor is there any evidence that their investments have any present or future value.”
The panel noted there was no evidence that either man has any regulatory history.
Not mentioned was the fact that Scammell has touted many penny stock flame-outs, including Caneco Audio Publishers Inc. (an extended-play tape recorder for novels); Capital Reserve Inc. (an optical device for measuring alcohol and drug impairment); and Axagon Resources Ltd. (a salt-free ice-melting compound).
Two of these deals, Capital Reserve and Axagon, became the subject of regulatory action. Although a player in both, Scammell was never cited for any wrongdoing.
Delinquent Due to Scammell Stock Fraud
This company is delinquent due to Dan and Colleen Scammell's stock fraud. He is the straw man behind the nominee shares of this company. David Baines sniffed him out years ago.
Call the SEC and get them involved in this purported fraudulent shell and try to recover your funds from Dan and Colleen Scammell.
The crooked banker behind their dealings is Fred Sharp (604) 688-3931
http://www.manta.com/ic/mtqgzz6/ca/corporate-house-inc?utm_expid=82789632-35.5hBunVVLRam7e9B6_xvwKA.0&utm_referrer=http%3A%2F%2Fwww.google.com%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D1%26ved%3D0CB4QFjAA%26url%3Dhttp%253A%252F%252Fwww.manta.com%252Fic%252Fmtqgzz6%252Fca%252Fcorporate-house-inc%26ei%3DbTD_VLSoBovRggTrkYLgAQ%26usg%3DAFQjCNFp6_RHMs5HyuazhAILPf47Z0xQmw%26bvm%3Dbv.87611401%2Cd.eXY
Catch these thieves before all your money is gone. Nice plunge on the stock today as Scammell sells through Fred Sharp at some investor's expense.
The company has no asset and is a typical Scammell pump and dump.
Careful on false press releases by this straw man controlled empty shell.
This company just announced another sham press release. They have no assets, no technology, and the ponzi schemer Dan Scammell is behind the whole company. Don't buy this stock and report this fraud to the SEC. You will be left holding the bag while Dan SCAMmell's straw men sell stock for his gain. This company has been around for 5 years, and was pumped and dumped through Cohen research based on the company having an asset that it never owned. It's a classic DAN SCAMmell fraud and David Baines has been on this guy for decades. This man should be in jail and is nothing more than a pure con artist.
The BCSC has already indicted Scammell for this fraudulent company with 1.2 million in restitution. Don't buy this stock and be a part of the SCAMmell fraud.
Warning Stock Fraud Dan Scammell Protect Yourself From Criminal Promoters Like Dan Scammell
http://www.bcsc.bc.ca/News/News_Releases/2012/43_BCSC_panel_sanctions_two_men_for_illegally_trading_and_distributing_securities/
2012/43
May 16, 2012
Vancouver – A British Columbia Securities Commission panel has sanctioned two men and two companies for illegally raising money from Canadian and U.S. investors.
In December 2011, a commission panel found that Daniel Scammell, Casper de Beer (aka Casha de Beer), Verified Transactions Corp. (VTC) and VerifySmart Corp. (formerly known as Verified Capital Corp.) traded in securities without being registered in B.C., and distributed those securities without filing a prospectus.
From September 2006 to December 2008, Scammell and VTC raised $641,309 from 49 investors in B.C., Alberta and Washington State. The panel found that these securities were distributed illegally, as the exemptions from B.C. securities laws relied upon by Scammell and VTC did not apply to any of the distributions. Additionally, neither Scammell nor VTC were registered to trade securities, and VTC has never filed a prospectus in B.C.
From November 2008 to March 2009, de Beer and VerifySmart distributed shares in that company to 50 investors in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, raising a total of $575,000. The panel also found these securities to have been distributed illegally, as the exemptions from B.C. securities laws relied upon by de Beer and VerifySmart did not apply to any of the distributions. Additionally, neither de Beer nor VerifySmart were registered to trade securities, and VerifySmart has never filed a prospectus in B.C.
For their misconduct, Scammell and deBeer are both prohibited from trading in securities, purchasing securities or exchange contracts (with limited exceptions), and from becoming or acting as a director or officer of any issuer, registrant, or investment fund manager for five years. They are also prohibited, for the same period, from becoming or acting as a registrant, investment fund manager or promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market.
The panel also ordered Scammell and deBeer to pay to the commission the $1.2 million they obtained as a result of their illegal activity, as well as administrative penalties of $50,000. The prohibitions remain in place until the later of May 14, 2017 and the date these amounts have been paid.
In addition to the orders against Scammell and deBeer, Verified Transactions Corp. and VerifySmart Corp. were permanently cease-traded by the panel.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Scammell, deBeer, VerifySmart Corp, Verified Transactions Corp, or 2012 BCSECCOM 176 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).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org
Baines: Coquitlam stock promoter, associate suspended from B.C.
BY DAVID BAINES, VANCOUVER SUN MAY 16, 2012
0
STORYPHOTOS ( 1 )
Baines: Coquitlam stock promoter, associate suspended from B.C.
Vancouver Sun business columnist David Baines.
Photograph by: PNG files , .
Long time Coquitlam stock promoter Dan Scammell and associate Caspar de Beer have been turfed from the B.C. securities market for at least five years after a B.C. Securities Commission hearing panel found they illegally sold $1.2 million worth of shares in two private companies.
The hearing panel — headed by BCSC vice-chairman Brent Aitken — also ordered the two men to disgorge to the commission the $1.2 million they illegally raised.
“As a matter of principle, we agree that if capital is raised in contravention of the Securities Act, it follows that it is appropriate that the amount raised be disgorged to the commission,” the panel stated in its decision, released Wednesday.
“If we collect any of the $1.2 million, it will go to the investors,” BCSC communications officer Richard Gilhooley said in an interview.
The panel also ordered the pair to pay $50,000 each in administrative penalties.
Until they pay the required amounts, their suspensions will remain in effect, even if the five-year period has expired.
This matter first came to public attention in February 2009 when The Vancouver Sun reported that Scammell was selling seed shares of VerifySmart Corp.
The company was developing software to prevent credit card fraud. Scammell told investors that a high-volume merchant processor had signed on to the company’s technology.
He projected revenues would climb to $200 million by the end of fiscal 2009, and the company’s share would start at five per cent ($10 million) and increase to 10 per cent ($20 million per year).
In March 2009, VerifySmart and a related company, Verified Transactions Corp., entered into a joint-venture licensing deal with a Nevada shell company, Treasure Explorations Inc., which traded on the OTC Bulletin Board in the United States.
The shell then changed its name to Verify Smart Corp. and embarked on an aggressive promotion.
Among other things, the company hired a California-based stock tout service, Cohen Independent Research Group Inc., to prepare an “independent” research report projecting millions of dollars in net profits and a soaring stock price.
However, the promised sales never materialized and investors were left with worthless paper.
In November 2010, BCSC enforcement staff issued a notice of hearing alleging that, from 2006 to 2009, Scammell and de Beer had sold $1.2 million worth of shares of VerifySmart and Verified Transactions to 99 investors in Canada and the United States without filing a prospectus and without being registered to sell or advise in securities.
The pair claimed they sold the shares under exemptions to prospectus and registration requirements, as provided in the Securities Act, specifically an exemption allowing for the sale of shares to friends, family members and business associates. However, the BCSC enforcement staff maintained that the purchasers did not fall into any of these categories.
A hearing was held in July 2011, and in December 2011, the panel found that Scammell and de Beer sold the shares without meeting prospectus and registration requirements.
In considering appropriate sanctions, the panel said there is no evidence Scammell and de Beer benefited from their misconduct. On the contrary, the panel said, it appears that both lost money.
However, the panel said, “there is evidence of significant harm to investors … There is no market for the securities the investors purchased, nor is there any evidence that their investments have any present or future value.”
The panel noted there was no evidence that either man has any regulatory history.
Not mentioned was the fact that Scammell has touted many penny stock flame-outs, including Caneco Audio Publishers Inc. (an extended-play tape recorder for novels); Capital Reserve Inc. (an optical device for measuring alcohol and drug impairment); and Axagon Resources Ltd. (a salt-free ice-melting compound).
Two of these deals, Capital Reserve and Axagon, became the subject of regulatory action. Although a player in both, Scammell was never cited for any wrongdoing.
Looks like Dan Scammell is selling into the market through his Offshore Trusts. Report this company and Scammell to the SEC. He is hurting investors and running another one of his Ponzi Scheme's.
Seed stock deal crashes
In February 2009, I reported that Coquitlam promoter Dan Scammell was selling seed shares of a private company, VerifySmart Corp., which was developing software to prevent credit card fraud.
BY VANCOUVER SUNDECEMBER 1, 2010
In February 2009, I reported that Coquitlam promoter Dan Scammell was selling seed shares of a private company, VerifySmart Corp., which was developing software to prevent credit card fraud.
As usual, Scammell was talking big numbers. He told investors that a high-volume merchant processor had signed on to the company's technology. He projected revenues would climb to $200 million by the end of fiscal 2009. The company's share of this booty would start at five per cent ($10 million) and increase to 10 per cent ($20 million per year).
I cautioned prospective investors that such deals carry many risks. First, there is the inherent risk of investing in a startup venture. Getting in on the ground floor is beneficial only if the venture gets off the ground, which many don't.
Second, there is the added risk of investing in any deal promoted by Scammell. He has touted many flameouts, including Caneco Audio Publishers Inc. (an extended-play tape recorder for novels); Capital Reserve Inc. (an optical device for measuring alcohol and drug impairment); and Axagon Resources Ltd. (a salt-free ice-melting compound).
Two of these deals -Capital Reserve and Axagon, became the subject of regulatory action. Although a player in both, Scammell was never cited for any wrongdoing.
The third risk is that seed stock deals are sold under exemptions from prospectus and registration requirements, which means the company remains private and largely outside the regulatory orbit. This exposes investors to substantially more risk than if they invested in a public company.
These risks often translate into big trouble for investors: "Year in and year out, [seed stock deals] are our leading source of complaints and investigation," B.C. Securities Commission enforcement director Lang Evans said at the time.
As events unfolded, VerifySmart came under BCSC investigation. Late last week, Evans' enforcement staff alleged in a notice of hearing that:
- Casper de Beer, who is one of Scammell's associates, illegally sold $575,000 worth of shares in Verify-Smart to 50 investors in Western Canada and Ontario;
- Scammell and de Beer sold $651,309 worth of shares in a related company, Verified Transactions Corp., to 49 investors in B.C., Alberta and Washington state.
The commission alleged the respondents purported to rely on an exemption that permits companies to sell stock to family, friends and business associates, but the purchasers did not qualify as such.
This might sound like a technical infraction, but it is not. These investors were, in fact, the first casualties in a ruthless pump-and-dump scheme on the OTC Bulletin Board in the United States.
In March 2009, VerifySmart and Verified Transactions entered into a joint-venture licensing deal with a Nevada shell company, Treasure Explorations Inc., which had been set up by Vancouver promoter Howard Gelfand. The shell then changed its name to Verify Smart Corp.
By this time, the B.C. Securities Commission had implemented new rules requiring any OTC company with a substantial connection to B.C. to become a B.C. reporting issuer. However, when commission staff inquired, they were told that Scammell had no connection to the public company, and the public company had relocated to the Philippines, under the leadership of Ralph Santos and Adi Muljo.
Free from BCSC scrutiny, the company embarked on an aggressive promotion.
That included an agreement to pay one million shares to a Californiabased stock tout service, Cohen Independent Research Group Inc., for "certain consulting services."
In September 2009, Cohen issued what purported to be an "independent" research report projecting millions of dollars in net profits and a stock price ranging from $3.21 to $4.64.
It also included a recommendation from another U.S. tout service, Wall Street Grand, dubbing Verify Smart "a MASSIVE opportunity" for investors. In its disclaimer, Wall Street Grand disclosed that it had been paid $563,000 by Cohen and "may be compensated more in the near future." Who provided the money to Cohen was not disclosed.
At the time, the stock was trading at 93 cents on only a few thousand shares a day, but it quickly spiked up to $1.45 and enjoyed robust volume for the next few months.
Alas, the "massive opportunity" never amounted to anything.
As of Sept. 30 this year, Verify Smart hadn't generated a single cent of revenues. That meant there was no money available to distribute to seed shareholders in the two private companies, VerifySmart and Verified Transactions.
The share price of the public company has since slumped to six cents. Shareholders in the private company are even in worse shape: Their shares are subject to severe resale restrictions and can't be sold at any price.
BCSC Panel Sanctions Two Men for Illegally Trading and Distributing Securities
Wed, 16 May, 2012 2:00 PM EDT
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2012) - A British Columbia Securities Commission panel has sanctioned two men and two companies for illegally raising money from Canadian and U.S. investors.
In December 2011, a commission panel found that Daniel Scammell, Casper de Beer (aka Casha de Beer), Verified Transactions Corp. (VTC) and VerifySmart Corp. (formerly known as Verified Capital Corp.) traded in securities without being registered in B.C., and distributed those securities without filing a prospectus.
From September 2006 to December 2008, Scammell and VTC raised $641,309 from 49 investors in B.C., Alberta and Washington State. The panel found that these securities were distributed illegally, as the exemptions from B.C. securities laws relied upon by Scammell and VTC did not apply to any of the distributions. Additionally, neither Scammell nor VTC were registered to trade securities, and VTC has never filed a prospectus in B.C.
From November 2008 to March 2009, de Beer and VerifySmart distributed shares in that company to 50 investors in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, raising a total of $575,000. The panel also found these securities to have been distributed illegally, as the exemptions from B.C. securities laws relied upon by de Beer and VerifySmart did not apply to any of the distributions. Additionally, neither de Beer nor VerifySmart were registered to trade securities, and VerifySmart has never filed a prospectus in B.C.
For their misconduct, Scammell and deBeer are both prohibited from trading in securities, purchasing securities or exchange contracts (with limited exceptions), and from becoming or acting as a director or officer of any issuer, registrant, or investment fund manager for five years. They are also prohibited, for the same period, from becoming or acting as a registrant, investment fund manager or promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market.
The panel also ordered Scammell and deBeer to pay to the commission the $1.2 million they obtained as a result of their illegal activity, as well as administrative penalties of $50,000. The prohibitions remain in place until the later of May 14, 2017 and the date these amounts have been paid.
In addition to the orders against Scammell and deBeer, Verified Transactions Corp. and VerifySmart Corp. were permanently cease-traded by the panel.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Scammell, deBeer, VerifySmart Corp, Verified Transactions Corp, or 2012 BCSECCOM 176 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).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org.
Contacts
Richard Gilhooley
British Columbia Securities Commission
604-899-6713 or (Canada) 1-800-373-6393
DAN SCAMMELL BEHIND A COMPANY = SCAM NOW HE HAS HIS FRAUDSTER WIFE COLLEEN WORKING IT
Of course these guys get busted by the SEC, Dan Scammell runs this fake company behind the scenes. When is he going to jail? If the SEC need sot find this guy, his address is
Colleen & Dan Scammell
1729 Hampton Drive
Coquitlam BC V3E 3C9
Call him at
604-942-6176 or 778-986-4995 or email him at ds19580@gmail.com to find out why he has pilfered away all of your money. A true fraud. BCSC has got him already: http://www.bcsc.bc.ca/News/News_Releases/2012/43_BCSC_panel_sanctions_two_men_for_illegally_trading_and_distributing_securities/
Someone needs to get this guy in a jail cell with his wife Colleen that now does all of his dirty business.
More history on DAN SCAMMELL. A TRUE CROOK THAT SHOULD BE IN JAIL. DO NOT BUY INTO HIS SCAM COMPANIES.
http://www2.canada.com/vancouversun/columnists/story.html?id=be100ce1-34a9-4df7-8155-7380a5f93a58&p=1
Seed stock deals risky, if not 'outright scams'
David Baines, Vancouver Sun
Published: Tuesday, February 10, 2009
It's been a long time since I talked with Vancouver stock promoter Dan Scammell. Twenty-three years, in fact. You would think he would be glad to hear from me, but he wasn't.
"Why should I talk to you?" he snarled. "You don't care about the facts. You're going to write whatever you want."
I had wanted to talk about his latest deal, VerifySmart Corp., which is developing software to prevent credit card fraud.
The technology enables a credit-card holder to register his card, so whenever an item is charged to his card, he gets a call on his cellphone providing details of the purchase and asking him to accept or decline the transaction using his confidential PIN or password.
Scammell is the company's president and chief executive officer. To bring the product to market, he is selling shares privately to investors under exemptions from prospectus and registration requirements.
Such "seed stock" deals are risky business. Although they give investors the opportunity to get in on the "ground floor," the company may never get off the ground. And because the company is still private, it is not legally required to provide the sort of information that public companies must -- such as quarterly financial statements. In many cases, the company wilts and dies, leaving investors wondering what happened to their money.
"Year in and year out, they are our leading source of complaints and investigations," says Lang Evans, head of enforcement for the B.C. Securities Commission.
"Tens of millions of dollars are lost each year in B.C. alone. At best, these are very high-risk deals; at worst, they are outright scams."
Scammell's biography, posted on the company's website, boasts that: "Dan has 20 years of experience with public companies, and has a vast experience raising capital for them, especially in the crucial stages of initial and bridge financing."
It's quite true he has had experience with public companies, but most have ended badly for investors.
I first met Scammell in 1986 when he was promoting a Vancouver Stock Exchange company called Caneco-Audio Publishers Inc., which proposed to acquire a device called PockeTalk, a "fully-patented Walkman-sized tape recorder that can play a full novel on one 16-hour tape instead of eight two-hour tapes."
The stock soared from three cents to a high of $2.70, then the deal was cancelled and the stock tanked.
Two years later, Scammell was promoting a VSE company called Capital Reserve Inc. for West Vancouver promoter Jerome Rak. This time the gadget was a machine that could test drug and alcohol levels by electronically measuring eye movements.
Scammell helped in Rak's office, touting unsuspecting members of the public. His name appeared on promotional literature, he was granted stock options, and he was appointed to the board (although it's not clear his appointment was ever ratified.)
The stock rose to $2.85 in heavy volume, allowing Rak to dump a million shares into the market. The commission eventually intervened and suspended him from the market for eight years. Five others were also suspended for varying periods. Scammell was not accused of any wrongdoing.
When I talked to Scammell last week, he denied he played any part in the deal. "I was not involved with Capital Reserve," he stated unequivocally, which struck me as rather curious since he was named six times in the commission decision.
Four years later -- in 1992 -- Scammell dove into another VSE snake pit, Axagon Resources Ltd.
Axagon had acquired rights to a non-corrosive, non-toxic salt substitute to melt snow and ice from two Pennsylvania promoters, Jay and Steven Greenwald. Once again, Scammell provided investor relations services, this time through a private company called Seahorse Holdings.
The stock soared to more than $7 after the company announced sales had jumped to $7.9 million and earnings to $2.4 million. But it was later revealed the sales were bogus, and Steven Greenwald had two prior criminal convictions.
The stock collapsed and the commission held a hearing. Greenwald was suspended for 20 years and his brother for 15 years. Once again, Scammell was not accused of any wrongdoing.
When I raised these matters with Scammell, he accused me of dredging up ancient history. He said he hasn't been involved in any public companies since then.
Indeed, I could find no evidence that Scammell has been involved in any public companies, either here or in the United States, since the Capital Reserve debacle. But that raises the question, what is he referring to when he invokes his "20 years of experience with public companies," and his "vast experience raising capital for them"? All I can see is a few years of bottom-feeding on the VSE.
Scammell says that, since the Capital Reserve fiasco, he has only been involved in private companies. When I asked whether any have made money, he replied, "Of course," but declined to name any.
"Why should I bring you up to date? You don't do your homework," he huffed, apparently not realizing I was trying to do my homework.
With regard to VerifySmart, Scammell has been churning out a series of boosterish news releases that suggest the company is on the brink of generating massive cash flow.
On Nov. 6, he announced it had "signed the high-volume merchant, e-Processor PLC.... Revenues are anticipated to be $200 million by the end of the 2009 fiscal year." He said the company's share will start at five per cent ($10 million per year) and increase to 10 per cent ($20 million per year).
On Nov. 17, he hinted at even greater riches: "By bringing several sizable merchants on-stream over the next 30 days, we are well on our way to carving out a significant share of the $8.5-trillion commerce market."
Featured prominently on Verify-Smart's website is George Lois, the company's vice-president of marketing and business development.
Lois is an award-winning art and advertising director, best known for his brilliant covers for Esquire magazine from 1962 to 1972. He also created many successful advertising campaigns for companies such as MTV, Jiffy Lube and Tommy Hilfiger.
"He is capable of taking $1 million and turning it into $10 million worth of advertising," Scammell said in a release. "George actually said in VSC's case, it is more like a ratio of $1 million to $20 million."
But at age 77, Lois may not be as effective as he once was. In 2001, he became chairman of a Nevada-registered company called Thinka Weight-loss Corp., a former Vancouver bulletin board shell company that planned to market a "liquid, low-carbohydrate, high-protein, weight-loss product."
By late 2002, Thinka hadn't generated a single dollar of sales. Lois resigned, and the company acquired a California insurance company that had developed "a unique proprietary emergency travel assistance benefits package."
Scam Run by Dan Scammell. Report this guy to the SEC before you lose your money
Read here:
http://www.vancouversun.com/business/Baines+Coquitlam+stock+promoter+associate+suspended+from/6633706/story.html
Baines: Coquitlam stock promoter, associate suspended from B.C.
BY DAVID BAINES, VANCOUVER SUN MAY 16, 2012
Baines: Coquitlam stock promoter, associate suspended from B.C.
Vancouver Sun business columnist David Baines.
Photograph by: PNG files , .
Long time Coquitlam stock promoter Dan Scammell and associate Caspar de Beer have been turfed from the B.C. securities market for at least five years after a B.C. Securities Commission hearing panel found they illegally sold $1.2 million worth of shares in two private companies.
The hearing panel — headed by BCSC vice-chairman Brent Aitken — also ordered the two men to disgorge to the commission the $1.2 million they illegally raised.
“As a matter of principle, we agree that if capital is raised in contravention of the Securities Act, it follows that it is appropriate that the amount raised be disgorged to the commission,” the panel stated in its decision, released Wednesday.
“If we collect any of the $1.2 million, it will go to the investors,” BCSC communications officer Richard Gilhooley said in an interview.
The panel also ordered the pair to pay $50,000 each in administrative penalties.
Until they pay the required amounts, their suspensions will remain in effect, even if the five-year period has expired.
This matter first came to public attention in February 2009 when The Vancouver Sun reported that Scammell was selling seed shares of VerifySmart Corp.
The company was developing software to prevent credit card fraud. Scammell told investors that a high-volume merchant processor had signed on to the company’s technology.
He projected revenues would climb to $200 million by the end of fiscal 2009, and the company’s share would start at five per cent ($10 million) and increase to 10 per cent ($20 million per year).
In March 2009, VerifySmart and a related company, Verified Transactions Corp., entered into a joint-venture licensing deal with a Nevada shell company, Treasure Explorations Inc., which traded on the OTC Bulletin Board in the United States.
The shell then changed its name to Verify Smart Corp. and embarked on an aggressive promotion.
Among other things, the company hired a California-based stock tout service, Cohen Independent Research Group Inc., to prepare an “independent” research report projecting millions of dollars in net profits and a soaring stock price.
However, the promised sales never materialized and investors were left with worthless paper.
In November 2010, BCSC enforcement staff issued a notice of hearing alleging that, from 2006 to 2009, Scammell and de Beer had sold $1.2 million worth of shares of VerifySmart and Verified Transactions to 99 investors in Canada and the United States without filing a prospectus and without being registered to sell or advise in securities.
The pair claimed they sold the shares under exemptions to prospectus and registration requirements, as provided in the Securities Act, specifically an exemption allowing for the sale of shares to friends, family members and business associates. However, the BCSC enforcement staff maintained that the purchasers did not fall into any of these categories.
A hearing was held in July 2011, and in December 2011, the panel found that Scammell and de Beer sold the shares without meeting prospectus and registration requirements.
In considering appropriate sanctions, the panel said there is no evidence Scammell and de Beer benefited from their misconduct. On the contrary, the panel said, it appears that both lost money.
However, the panel said, “there is evidence of significant harm to investors … There is no market for the securities the investors purchased, nor is there any evidence that their investments have any present or future value.”
The panel noted there was no evidence that either man has any regulatory history.
Not mentioned was the fact that Scammell has touted many penny stock flame-outs, including Caneco Audio Publishers Inc. (an extended-play tape recorder for novels); Capital Reserve Inc. (an optical device for measuring alcohol and drug impairment); and Axagon Resources Ltd. (a salt-free ice-melting compound).
Two of these deals, Capital Reserve and Axagon, became the subject of regulatory action. Although a player in both, Scammell was never cited for any wrongdoing.
Read more: http://www.vancouversun.com/business/Baines+Coquitlam+stock+promoter+associate+suspended+from/6633706/story.html#ixzz2rdSEpvnz
Scam company run by DAN SCAMMELL This company is a ponzi scheme run by Dan Scammell. Protect yourself from this Canadian crook. Read Here: http://www.bcsc.bc.ca/release.aspx?id=14848
2012/43
May 16, 2012
BCSC panel sanctions two men for illegally trading and distributing securities
Vancouver – A British Columbia Securities Commission panel has sanctioned two men and two companies for illegally raising money from Canadian and U.S. investors.
In December 2011, a commission panel found that Daniel Scammell, Casper de Beer (aka Casha de Beer), Verified Transactions Corp. (VTC) and VerifySmart Corp. (formerly known as Verified Capital Corp.) traded in securities without being registered in B.C., and distributed those securities without filing a prospectus.
From September 2006 to December 2008, Scammell and VTC raised $641,309 from 49 investors in B.C., Alberta and Washington State. The panel found that these securities were distributed illegally, as the exemptions from B.C. securities laws relied upon by Scammell and VTC did not apply to any of the distributions. Additionally, neither Scammell nor VTC were registered to trade securities, and VTC has never filed a prospectus in B.C.
From November 2008 to March 2009, de Beer and VerifySmart distributed shares in that company to 50 investors in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, raising a total of $575,000. The panel also found these securities to have been distributed illegally, as the exemptions from B.C. securities laws relied upon by de Beer and VerifySmart did not apply to any of the distributions. Additionally, neither de Beer nor VerifySmart were registered to trade securities, and VerifySmart has never filed a prospectus in B.C.
For their misconduct, Scammell and deBeer are both prohibited from trading in securities, purchasing securities or exchange contracts (with limited exceptions), and from becoming or acting as a director or officer of any issuer, registrant, or investment fund manager for five years. They are also prohibited, for the same period, from becoming or acting as a registrant, investment fund manager or promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market.
The panel also ordered Scammell and deBeer to pay to the commission the $1.2 million they obtained as a result of their illegal activity, as well as administrative penalties of $50,000. The prohibitions remain in place until the later of May 14, 2017 and the date these amounts have been paid.
In addition to the orders against Scammell and deBeer, Verified Transactions Corp. and VerifySmart Corp. were permanently cease-traded by the panel.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Scammell, deBeer, VerifySmart Corp, Verified Transactions Corp, or 2012 BCSECCOM 176 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).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org