Medinah Minerals (MDMN)

[Toxic Avenger]

Quite a storied history. Sounds somewhat familiar, no?

"Things were apparently going so well that Mr. Price felt emboldened to issue a false Medinah press release on Jan. 31 announcing thee "signed completion" of a $5-million financing package."The first deposit of moneys, memorializing the framework of the funding deal, have been received into the Medinah Minerals, Inc. bank account."The Howe Street promoter forgot to mention this first deposit was a test trade of 25,000 shares for $25,000, complete with an alleged $9,980 kickback wired that same day from Medinah's bank account in Vancouver to the undercover FBI agent's bank account in Miami. (This kickback wire earned Mr. Price a charge of money laundering.)
"When Medinah Minerals, Inc. is released from its Non-Disclosure Agreement mandates, Management will identify the funding party.The balance of the entire five million dollar ($5 million) funding package is scheduled to be received by Medinah Minerals, Inc. over the course of the next three business week," stated the company in its press release.
A month later, Mr. Price was still confident even though no more of the $5-million financing had materialized."On or about February 26, 2002, during an international telephone call, defendant LES PRICE told the CWs that the 'deal's still on.You just gotta sort out your marketing team.'"
The big financing mysteriously flopped and a grand jury subsequently handed down a grand jury indictment on July 25 charging Mr. Price and Mr. Huard with a total of 14 counts."
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