Voip Pal Com Inc (VPLM)

[nyt]

In checking, looks like it's more like 7 & 1/2 or more yrs.
..................
Voip-Pal.com Board of Directors Unanimously Passes Resolution to Freeze the Transfer of Approximately 100 Million Restricted Shares Issued to Locksmith Financial Corporation Pending the Outcome of an Investigation
October 30, 2014 05:00 AM Eastern Daylight Time
BELLEVUE, Wash.--(BUSINESS WIRE)--Voip-Pal.com Inc. (“Voip-Pal”, “Company”) (OTC Pink: VPLM) announced today that the Board of Directors has unanimously passed a resolution to freeze any transfer of approximately 100,000,000 shares issued in 2013 to Locksmith Financial Corporation (“Locksmith”), pending the outcome of a recently conducted regulatory investigation. The current holders of these stocks include Locksmith, Talisman Financial Inc., VHB International Ltd., and Cactus Ventures, Inc.

Earlier this year, while an independent accounting firm was conducting an internal audit, the Company discovered that the shares in question, which had been issued for the settlement of debt, lacked proper documentation and sufficient proof of debt. After several unsuccessful attempts to secure the documentation from Locksmith, the Company referred the case to the proper regulatory agencies.

An investigation was conducted with Voip-Pal’s full cooperation. Voip-Pal is currently awaiting the outcome of that investigation. By promptly reporting this alleged improper share issuance to the appropriate authorities, Voip-Pal has assured that its shareholders are protected. Company director, Dr. Thomas Sawyer who initiated this investigation on behalf of Voip-Pal and its shareholders will continue to interface with regulatory agency representatives and oversee this matter to its conclusion.

In the event the investigation proves the shares in question were issued improperly, Voip-Pal will take immediate action to cancel and return them to the Company treasury resulting in a significant reduction of the total outstanding shares. Consequently, the newly reduced outstanding shares total will automatically trigger an additional reduction of approximately 41,000,000 more shares currently held by CEO, Emil Malak. This will lower the total issued shares by approximately 140,000,000 resulting in a significant increase in shareholder value