I think, that if you just collate all the information over the years, along with all the innuendo that was spun to try to impress folks about Mining for America and the 'Pathways of Progress' yarn, all that Ore that was just left to languish in various back yards, actual proof isn't really needed because to many of us here, it's obvious. Problem is, the BoD is clever enough to cover their tracks and write off everything as a legitimate expense as they wished.
If a case is brought, which it won't be, actual evidence would only drawn in the form of in depth cross examination. You don't need to much physical evidence to prosecute, but the method and way of trading is sufficient for a decent attorney to base it all on propaganda, and this can manifest itself in various forms. There is enough in writing over the years to be able to form a conclusion about the overall legitimacy of it all. Staff payments, how much, how often, what for and so on and they way they'd try to qualify it. There is a myriad of information to get their teeth into....but there are so many small penny share companies about, unless serious, it would be a waste of time unless it were brought about by a private individual.
It's been staring us in the face for years but everything they did has a means to an end, and it would cost tens of thousands to dig into the running of FLPC. UK companies are just the same, we all know what's going on and I only know of ONE case brought about by a guy called 'Brokerman Daniel' a very clever trader who decided to take a company to court for alleged fraud of a Penny Share scam. Plenty of colourful language took place, but the CEO WAS prosecuted and convicted!
Peter Landau of Range Resources Oil was another. I lost hundreds in that one, and he too was a rogue (Australian) and was also convicted of Multiple Fraud, had his assets frozen. The outcome, I don't know but he was a qualified Barrister!!
PPA and FLPC are linked by method only, no direct connection, even though Nicholson Snr, and now Jnr are family which is why Willy V, moved to FLPC. The plan was brought over. I take my hat off to them for actually pulling it all off AND getting away with it...so far!
With X2M, the maps show the Fencemaker region which is why Bob Reynolds approached Vogal for a new contract so he could carry it over to the new company so FLPC could, as it were, call upon X2M as a possible sponsor to FLPC as an 'affiliation' of the two firms, just like Stockpile and FLPC...one of the same that Mined the Ore. It worked once until Stockpile was sold to FLPC, for an undisclosed amount of shares There was no deal and neither will there be. Paperwork for the request for a new lease DOES exist!!
Whether they work out or not is down to the risk of the Shareholder. It's a volatile market with high risk high reward, and LTH for Penny shares is not something I would ever do again. These are mostly good for the seasoned Trader and whilst we may be able to apportion blame for reasons why they don't work, it would never get as far as a Court Room because we all knew the element of risk in the first place, covered by reading the disclaimers and warnings that "You could lose most or all of your holding", before you even start! I chose to continue and lost the equivalent of c$10,000. I also won about $4,000 so the net loss is obvious. What really niggles were the lies and deceit that our PPA spun on the way?
Sadly, the UK LSE and your SEC is a licence to print money for CEOs and there's no case to answer! We would wish there was. If it were that easy, I doubt the Penny Markets would exist because in the UK, there isn't any proper Regulation, just a code of conduct to adhere to. It's JUST about legal, a Golden opportunity to do just what they liked and not answerable to anybody if 'it didn't work out', even on AGMs which we could attend with Qs & A's which were full to bursting with ambiguities. Just like PPA...we were well and truly Screwed...just like FLPC :(
