FMNL - thanks for posting the article. http://www.stockhouse.com/cmspages/handler404.aspx?404;http://www.stockhouse.com:80/community-news/2012/july/20/unusual-trading-in-otc-stock-sparks-probe-in-briti
Very interesting that the TA had a hand in helping to spark the investigation by reporting Clozza and Tutschek to the BCSC.
The BCSC alleges that on July 5, 2012, Clozza and Tutschek attended the offices of Forum National’s transfer agent in Vancouver. They allegedly carried with them share certificates representing approximately 2.7 million shares of Forum National. Among these, were certificates in the names of Curtis and Tutschek, the Commission alleges.
Clozza allegedly instructed the transfer agent to “overnight” transfer share certificates into the name of a Bahamian company by way of a U.S. brokerage firm. The transfer agent allegedly informed the commission.
On July 16, 2012, Tutschek allegedly sent the transfer agent a treasury direction signed by Clozza and Tutschek on July 11, 2012, directing it to issue share certificates representing 137,500 shares in Forum National. The transfer agent refused.
Here is the BCSC press release: http://www.marketwire.com/press-release/bcsc-executive-directors-bulletin-securities-regulator-issues-notice-hearing-temporary-1682394.htm
Here is the Temporary Notice of Hearing: http://www.bcsc.bc.ca/comdoc.nsf/comdoc.nsf/webpolicies/42108EAC6734216588257A41007E1362?OpenDocument
FMNL had previously denied any knowledge about who was financing the paid promotion according to this deadflow article: http://lifesettlements.dealflow.com/article/article.cfm?sk=cxdkhgjqkmexdcz Forum National Isn't Promoting Its Own Stock, CEO Says
By Maria Brosnan Liebel
July 10, 2012 7:30 AM ET
The chief executive of Forum National Investments said he doesn't know who is behind Welsson Financial Media, which is said to have paid stock-promotion websites about $1.5 million to tout Forum's shares.
There isn't much information out there about Welsson Financial Media.
They paid for 5 mailers according to promobuyer.net http://promobuyer.net/mailers/
I also see where they paid claytrader (Guidance Marketing LLC) a few times to help with the promotion.
According to his IRP he was paid twice ($3000 on in June and $1500 in May). http://investorshub.advfn.com/boards/IRP.aspx?userid=89929
These two booted posters deserve some recognition
OxfordAlerts was posting on the FMNL forum 3 days ahead of the promotion kicking off telling people that there was a $750,000 promo rumored to be starting soon that would last through the summer http://investorshub.advfn.com/boards/profilea.aspx?user=284589
Welsson Financial M bares the name of the company that was paying for the promotion http://investorshub.advfn.com/boards/profilea.aspx?user=348256
If only the SEC paid more attention to who was paying for some of these expensive promotions and what insiders were selling stock while the promotions were going on.
It doesn't take much for them to ask for information from the transfer agents. I've learned a lot recently about what all documentation is available through the transfer agent if they only took the time to ask.
We literally only have access to less than 1/10th the information that the SEC has access to yet we expose scams all the time.
I know how often transfer agents knowingly participate in some of these illegal share selling schemes. That is why I found it to be such a nice surprise with FMNL to see the TA participating in turning people in for trying to partake in an illegal share selling scheme.
It will be interesting to see if the SEC does anything at all about FMNL. After seeing them look the other way on so many pump&dump schemes that caught the BCSC's attention I don't expect much to happen with FMNL.