As somebody else already responded CPOW was an Awesome Penny Stocks promotion during the time period listed in the BCSC press release. The BCSC news release about Alnoor Ramji and the illegal CPOW pump&dump is obviously talking about Awesome Penny Stocks as the promoter. The question is were APS insiders taking control of the free trading stock in the companies they promoted back in December of 2010? Were APS insiders part of the group illegally selling the CPOW shares into the market through nominee accounts through Gibraltar Global Securities? Unfortunately, last reported, the BCSC did not know of Alnoor Ramji's whereabouts so he'll probably never be dragged in for questioning. http://www.bcsc.bc.ca/release.aspx?id=18600
Securities regulator alleges former B.C. resident used scheme to conceal his identity
Vancouver – The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that a former B.C. resident acted contrary to the public interest when he concealed his ownership stake in a Nevada company prior to selling his shares.
The notice alleges that Alnoor Ramji, a B.C. resident, participated in a scheme to conceal his ownership stake in Clean Power Concepts Inc. and then sold his shares in coordination with another undisclosed ownership group. Clean Power’s shares are traded on the Over-the-Counter Bulletin Board (OTCBB) in the United States.
BCSC staff contends that Ramji harmed the reputation and credibility of B.C.’s securities market when he:
• used nominee accounts in secrecy jurisdictions to conceal his identity and obtain undisclosed control of 16% of the supply of Clean Power shares;
• acted as part of a group that obtained undisclosed control of 34% of the supply of Clean Power shares;
• further concealed his identity when selling his 16% ownership position in coordination with the undisclosed ownership group; and
• used layering techniques to distance himself from payments to those who coordinated and paid for a promotional campaign for Clean Power.
The trading accounts obtained by Ramji and his nominees were in the name of companies incorporated in Panama or Belize, and were provided by Gibraltar Global Securities. Gibraltar is a Bahamian broker/dealer who was permanently banned from B.C.’s capital markets in November 2012.
Between December 20, 2010 and January 20, 2011, Ramji, his nominees and the undisclosed ownership group sold approximately 81 million shares of Clean Power on the OTCBB through a trading account in Gibraltar’s name. The group generated approximately $21.5 million through the sale. Ramji, directly and through his nominees, instructed Gibraltar to wire about $8.3 million of the proceeds to bank accounts in Hong Kong, Switzerland, Belize, and Panama.
Staff are alleging that Ramji, as an insider of Clean Power, breached securities laws by failing to file a report disclosing his beneficial ownership of, or control or direction over, Clean Power shares.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on January 7, 2014 at 9:00am.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website www.bcsc.bc.ca by typing Alnoor Ramji or 2013 BCSECCOM 429 in the search box.
Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604-899-6854 or 1-800-373-6393 (toll free).
More details are available here: https://www.bcsc.bc.ca/comdoc.nsf/0/487efc2da9c20ad088257c2f00634e64/$FILE/2013%20BCSECCOM%20429.pdf
1. Clean Power Concepts Inc. (Clean Power) is a Nevada corporation whose securities are quoted on the Over the Counter Bulletin Board (OTCBB) in the United States. During 2010 and 2011, Clean Power was a BC reporting issuer.
2. Alnoor Ramji (Ramji) was a BC resident.
3. Gibraltar Global Securities (Gibraltar) is a Bahamian broker/dealer that the Commission previously found:
(a) had carried out the business of trading and advising in securities in BC without being registered to do so; and
(b) is unsuitable to conduct securities related activities in, or connected with BC because it had refused to provide the commission with information about BC residents who held accounts with it.
4. In 2012, the Commission permanently prohibited Gibraltar from conducting securities related activities in, or connected with, British Columbia.
Conduct contrary to the public interest
Ramji concealed his control of 16% of Clean Power’s outstanding shares
5. In December 2010, Ramji arranged the transfer of approximately 33.5 million Clean Power shares to five friends and relatives who acted as his nominees (the Nominees).
6. The Nominees were all unsophisticated investors with minimal investment experience and insufficient financial resources to purchase the shares for themselves. They followed Ramji’s instructions.
7. Ramji and the Nominees then:
(a) each obtained a trading account in the name of a Panama or Belize incorporated company, provided to them by Gibraltar; and
(b) transferred their shares of Clean Power into those Gibraltar accounts.
8. Through these Gibraltar accounts, Ramji controlled approximately 16% of Clean Power’s outstanding shares.
Ramji sold his Clean Power Shares in coordination with another undisclosed ownership group
9. Four Belize companies (the Belize Group), not beneficially owned by Ramji or the Nominees, also held their Clean Power shares in accounts at Gibraltar.
10. By late December 2010, Ramji and the Belize Group controlled a total of 34% of the outstanding shares of Clean Power, a BC reporting issuer, through Bahamian trading accounts in the names of Panamanian and Belizean companies.
11. Between October 8, 2010 and December 15, 2010, Clean Power shares traded on only fifteen days, with an average daily volume of approximately 9,000 shares. The closing share price did not exceed $0.25.
12. In December 2010, Ramji, the Nominees, and the Belize Group all deposited their Clean Power shares into one trading account in Gibraltar’s name at an American broker/dealer (the Gibraltar American Account).
13. From December 16 to 30, 2010:
(a) a Montreal public relations firm carried out an internet based promotional campaign of Clean Power (the Promotional Campaign); and
(b) Clean Power issued a series of promotional news releases.
14. During the Promotional Campaign, the average daily volume of Clean Power shares traded increased to approximately 44 million. Clean Power’s closing price peaked at $0.397 on December 30, 2010.
15. Between December 20, 2010 and January 20, 2011, Ramji, the Nominees, and the Belize Group sold approximately 81 million shares of Clean Power on the OTCBB through the Gibraltar American Account (the Sell-off), generating proceeds of about $21.5 million.
Ramji and the Nominees sent the proceeds of the Sell-off to bank accounts around the world
16. Ramji, directly and through the Nominees, instructed Gibraltar to wire about $8.3 million of the proceeds from the Sell-off to bank accounts in Hong Kong, Switzerland, Belize, and Panama. This included:
(a) $200,000 to a Panamanian law firm acting as agent for a Panamanian company that provided instructions for the Promotional Campaign; and
(b) $1.6 million to the Hong Kong company that paid for the Promotional Campaign.
17. The Nominees and the Belize Group both wired portions of the proceeds of the Sell-off to the same people.
Conduct contrary to the public interest
18. Ramji’s conduct described in this Notice of Hearing, including:
- using nominee accounts in secrecy jurisdictions to conceal his identity;
- obtaining undisclosed control of 16% of the supply of Clean Power shares;
- acting as part of a group that obtained undisclosed control of 34% of the supply of Clean Power shares;
- further concealing his identity when selling his 16% ownership position;
- selling his shares in coordination with the Belize Group; and
- using layering techniques to distance himself from payments to those who coordinated and paid for the promotional campaign,
harmed the reputation and credibility of the province’s securities market and regulatory environment, and is contrary to the public interest.
On December 16, 2010, Awesome Penny Stocks announced CPOW as their promotion. The emails from Awesome Penny Stocks and sister sites promoting CPOW continued at least through January 13, 2011.
Though the BCSC is 3 years behind in stomping out these criminals they are at least making some progress. This may in large part be to the fact that information has been coming out regarding records obtained from Gibraltar Global Securities that included names of many of the Gibraltar Global Securities customers, clients, and associates. Customers, clients, and associates include brokers, transfer agents, banks, securities attorneys, promoters, toxic financiers, public companies, officers of public companies, and other dirty individuals.
Some familiar names to show up linked to Gibraltar Global Secrurities include: Antonio Papa http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70358359 Magnum d'Or Resources, Inc, Dwight Flatt, Joseph J. Glusic, Shannon Allen, David Della Sciucca, Jr, Maicol Diaz, Maritza Meza, Jason DeOliveira, Kyle Roberts, Chad Curtis, Rebecca Rieger http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87770484 http://www.sec.gov/litigation/complaints/2013/comp22683.pdf http://www.sec.gov/litigation/complaints/2011/comp21951.pdf http://www.sec.gov/litigation/litreleases/2012/lr22268.htm Scottsdale Capital (specifically - Joseph Padilla, Andrea Bruno, Stephanie Bruno, Michael Cruz, John Hurry, Phillip Koehnke) http://www.finra.org/web/groups/industry/@ip/@enf/@adj/documents/ohodecisions/p122807.pdf http://www.sec.gov/litigation/complaints/2011/comp22198.pdf Edward Bronson (Fairhills capital) http://www.sec.gov/litigation/complaints/2012/comp-pr2012-165.pdf Luke Zouvas Luis Carrillo, Wade Huettel, Benjamin Kirk, John Kirk, Pacific Blue Energy Corp, Tradeshow Marketing Company Ltd http://www.sec.gov/litigation/complaints/2013/comp-pr2013-39.pdf The Good One, Inc https://www.sec.gov/litigation/complaints/2012/comp-pr2012-93.pdf Green Stone Holdings http://www.sec.gov/litigation/complaints/2011/comp21863.pdf Sunrise Consulting Group, Inc, Ronald C. Touchard, Alan Rothman, Delta Consulting Group, Inc http://dockets.justia.com/docket/colorado/codce/1:2012cv01336/133399 William Mackey http://www.justice.gov/usao/nys/pressreleases/October10/portofnewyorkharborpr.pdf http://www.fbi.gov/losangeles/press-releases/2013/fourteen-arrested-for-market-manipulation-schemes-that-caused-thousands-of-investors-to-lose-more-than-30-million Dan Forigo http://www.securities.utah.gov/dockets/11002401.pdf
Along with dozen of other names which will eventually I hope be disclosed to the public in various forms of litigation.