Wednesday, April 09, 2014 1:35:25 AM
Here is a fascinating story about one Canadian guy who mass frauded on the pinks - http://www.canada.com/story.html?id=ed2357bc-d191-4d8c-9258-9fe10f86ab61 - You can find lots more about Urban than this skimpy article if you search. Urban Casavant, a former prison guard and U-haul franchise owner in Prince Albert, and several American cohorts conspired to sell billions of shares of unregistered CMKM stock. - He did it by getting his crooked lawyer to write a letter exempting him from publishing the billions of shares he issued to himself, bribed the transfer agent so she issued billions (to him, herself, his family and the lawyer) then sold them day after day at .002 of a PENNY or something like that - You could buy 1M for $2,000 so because it was publicly only listed around 100M lots of people picked up 1M not realizing the share count was in the multi-billions. Urban was a classic sleaze - He stayed at the International Hotel in Calgary one night and drank all the mini-bar in his suite then filled the bottles up with water, recapped them and skipped out in a hurry.
When KMart went broke there was news that they couldn't cover debt months in advance so it was ok for directors to sell then. Lots of bagholders held onto their KMart shares to the bitter end despite the news, hoping for a bigness miracle or as one person put it "The least they can do is give us some discount merchandise certificates." Air Canada was another that put on their site a year in advance the shares were worthless and wouldn't even show the sp after a while but bagholders wouldn't listen -- it traded at $1.50 that whole period until the courts could officially wipe out the shares - Talk about bagholders too stupid to read the nrs.
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