SEC shuts down PSC - Penny Stock Chaser

[JoeHall]

yahoo post...

Dan Ryan/Tony Papa 11-May-08 10:43 am
Remember all that hoopla with Dan Ryan and Downshire Capital? Well I think things are about to get interesting.
http://lapresseaffaires.cyberpresse.ca/a...

(translated version)
The tax claims $ 18 million to a businessman and his wife

10 mai 2008 - 07h52 May 10, 2008 - 07h52
André Cédilot

After all the miseries of the world to untangle the assets of one and the other inspectors tax fell to arm shortcuts on the businessman Tony Papa and his wife, which they claim 18.6 Millions of dollars in unpaid taxes for the years 2002 to 2007.


Pending payment, they froze the couple's assets, estimated at nearly 10 million, including a luxurious house $ 1.4 million in Hampstead, a "cottage" of $ 200 000 at Saint-Sauveur and a condo on 1 , $ 5 million in downtown Montreal.

During these six years, said the Canada Revenue Agency in a document filed at the Registry of the Federal Court in Montreal, Tony Papa and Micheline Gallo, both shareholders of a small barbershop Boulevard Decarie, camouflaged not less from 25.3 million in taxable income to the Canadian government.

Tony Papa said $ 706309 and his wife, $ 262315.



According to federal officials, the couple has circumvented the system using a family trust as a screen. They also used their girl 11 years as a nominee by making transit a sum of $ 500 000 in his bank account.

They also commended on behalf of Castle Beauty Évita two Ferrari 360 of 2004 and an Audi A-8 of 2006. Officially, Papa does not have a car, while Micheline Gallo led an Acura MDX it paid $ 62 350 at the end of 2006.

"Penny stocks"

Papa and his wife - she is the sister of Moreno Gallo, one of Mafiosi highest rated in Montreal - derive much of their income from loans and stock transactions of shares of low-value (the so-called "penny stocks" , As they are known in financial circles).

In 26 months, from September 2005 to October 2007, Papa and his wife have exchanged more than 246, 000 shares through a dozen brokerage accounts or securities brokers in Montreal, Hamilton and Vancouver.

Not less than 1500 transactions of these so-called "penny stock" have been made. On 26 September 2007, nearly 10 million shares of small companies have been transferred to Panama.

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