Some people have either forgotten their DD or never discovered the following which gives you a glimpse at how convoluted this mess really was. How many times must this and similar findings be posted ?
A short position in Loftwerks ? What does it matter ?
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17. DeVries also arranged for Loftwerks and, later, Sulja Nevada, shares to be issued to himself and to Kore International Management Inc. (“Kore US”) in order to sell them into the market.
18. The Loftwerks shares from Transfer Online came from the Loftwerks treasury and were distributions within the meaning of the Act. The shares were then sold through the Nominee Accounts, with no prospectus qualifying them and no available exemptions from the prospectus requirement, in breach of s.53 of the Act.
19. In directing share trading in the Nominee Accounts, Vucicevich was advising and committing acts in furtherance of trading without being registered, in breach of s. 25 of the Act.
20. In arranging for the Loftwerks and, later, Sulja Nevada, shares to be transferred into the Nominee Accounts, DeVries was committing acts in furtherance of trades in Ontario without being registered to trade, in breach of section 25 of the Act.
21. Vucicevich and DeVries continued to issue press releases throughout February to April, 2006 announcing, among other things, that Steve Sulja was Chief Executive Officer of Sulja Brothers Specialty Building Materials, Ltd., a company which appears never to have been incorporated, and that Loftwerks would merge with variously named Sulja companies, some of which did not exist.
22. In fact, Loftwerks never did merge with Sulja Ontario, or any other Sulja company, but, in the end, it simply changed its name to Sulja Nevada as set out in paragraph one of these Allegations.
