Urban Barns Foods Inc. (URBF)

[cressco]

http://www.stockwatch.com/News/Item.aspx?bid=U-s0143006-U%3aURBF-20151120&symbol=URBF®ion=U

BCSC cites Lim, Mugford for OTC-BB manipulation



2015-11-20 20:29 ET - Street Wire

See Street Wire (C-*BCSC) BC Securities Commission

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by Mike Caswell

The B.C. Securities Commission has filed an administrative action against former Global Securities Corp. broker David Lim and one of his clients for a $4.5-million OTC Bulletin Board manipulation. (All figures are in U.S. dollars.) The BCSC claims that the men arranged the promotion of Urban Barns Foods Inc. in 2009. They sold millions of shares through offshore accounts as paid tout sheets boosted the stock to $1.27, the BCSC says.

The allegations are contained in a notice of hearing the BCSC released on Friday, Nov. 20. In addition to Mr. Lim, the regulator has named one of his clients, a B.C. man named Michael Mugford. Also a respondent is EuroHelvetia TrustCo SA, a Swiss entity.

The regulator cites the men for the promotion of Urban Barns, an indoor farming venture that they took public in 2009 through a merger with a purported mining company, HL Ventures Inc. The men's plan, as described by the BCSC, was to promote the stock while having EuroHelvetia sell the shares. They would use some of the proceeds to pay for the promotion and to cover the $100,000 they paid for HL Ventures, the BCSC claims.