Replies to post #63789 on Medinah Minerals (MDMN)

[Krakatoa_Dean]

LP is a pathological liar



we don't need any more proof of that. Last time someone visited him at his office, LP was drunk by 3 pm, and ran out the door in an attempt to hide his inebriated state.

[jetpilot1101]

Anyone who would like an independent geologist to evaluate the properties will require access. Will the company grant access to an interested third party who can conduct their own unbiased evaluation? If the company won't provide access, then shareholders are stuck with the company updates and releases.

[Beth0515]

But, I have not made the mistake of putting all my wealth on the reputation of Les Price, like others may have done.

Oh, you must be talking about Bobby Huff and Ann Donelley, as per their description in this British Columbia Court of Appeals docket:

[1] December 3, 1990. Per curiam:– The plaintiffs in this case, Bobby Huff and Ann Donnelly were, at the relevant times, women of middle years in marginally comfortable circumstances who had come to be living alone. Neither of them was knowledgeable about investments, and both of them preferred not to be troubled by financial concerns.
[2] The defendants are Leslie Price, Arlene Price, Arthur Charpentier and Continental Carlisle Douglas Ltd. At the relevant times, Leslie Price was a chartered accountant engaged in financial dealings, including stock promotion; Arlene Price was his wife; Arthur Charpentier was a stockbroker; and Continental Carlisle Douglas Ltd. was a firm of stockbrokers in which Arthur Charpentier was a partner.
[3] Bobby Huff and Ann Donnelly were defrauded by Leslie Price, to whom they had entrusted all their investable assets. Leslie Price did not give evidence at trial though he was represented by counsel. The trial involved issues of liability and issues of damages with respect to all four defendants. There were 15 days of evidence. That evidence occupies six volumes of transcript. The appeal books consist of 15 volumes of documents. Even with that abundance of information there were aspects of this case on which neither the witnesses nor the documents yielded up sufficient information to permit the trial judge, Mr. Justice Taylor, to be sure of precisely what occurred.

At the end of 1979 Mr. Price was investing the assets of Mrs. Huff and Mrs. Donnelly in conventional investments. But when the promotion of the stock of Cumo Resources Ltd. began, Mr. Price invested some of the two accounts in Cumo stock. At the end of February 1980, both the personal accounts and the Handelskredit Bank accounts of both Mrs. Huff and Mrs. Donnelly contained between 15 and 20 per cent of Cumo stock.
[15] In 1980, 1981 and 1982 Leslie Price was involved in a continuing manipulation of Cumo stock. He had approximately 100 accounts over which he had complete authorization to trade, including both real and forged accounts in the names of Mrs. Huff and Mrs. Donnelly.

The unauthorized margining of Mrs. Huff’s and Mrs. Donnelly’s personal accounts continued. The price of the stock of Cumo Resources Ltd. dropped. Mr. Charpentier knew by this time that there were no assets supporting the stock of Cumo Resources Ltd. Eventually, Continental Carlisle Douglas Ltd. sold off all the Cumo stock in the personal accounts of Mrs. Huff and Mrs. Donnelly. After those sales, there still remained a deficit in Mrs. Huff’s personal account of $167,411, and in Mrs. Donnelly’s personal account of $10,017. Those deficits, of course, were created by the unauthorized margining of the accounts.

LESLIE PRICE
2.1 The Trial Judge’s Conclusions on Liability and Damages
[23] We will use Mr. Justice Taylor’s own words [pp. 366-69]:
Mr. Price applied the plaintiffs’ money almost wholly to a stock manipulation he was conducting for himself, his wife and his associates, forged their signatures on numerous documents and stole certificates representing shares he had purchased for them. He did not contest these allegations at trial, electing not to give evidence…... We consider that Mr. Price had perpetrated both a fraud and a breach of fiduciary duty by the time 97 to 99 per cent of both accounts of Mrs. Huff and both accounts of Mrs. Donnelly consisted of Cumo stocks, namely, by the end of May 1981. In June 1981 the share price of Cumo Resources Ltd. reached $39.75 a share, or higher. It was in June 1981 that Continental Carlisle Douglas Ltd., at the instigation of Mr. Price, started the unauthorized margining of the personal cash accounts of Mrs. Huff and Mrs. Donnelly. So by the end of June 1981 Mr. Price had committed both a fraud and a breach of fiduciary duty, though he was to do other fraudulent acts after that date as well. The maximum price of the stock of Cumo Resources Ltd. in the three months after June 1981 was $12.78 a share. If Mrs. Huff and Mrs. Donnelly had been aware of Mr. Price’s fraudulent acts at that time, and if they had been properly advised, and, if, as a result, they had sold their Cumo Resources Ltd. shares at a price of $12.78, they would have realized, in the case of Mrs. Huff, $580,212 in her personal account and $388,512 in her Handelskredit Bank account, for a total of $968,724; and, in the case of Mrs. Donnelly, $375,732 in her personal account and $511,200 in her Handelskredit Bank account, for a total of $886,932....On the other hand the conduct of Leslie Price was such that it is appropriate that it should be marked by the specific condemnation of the court. It has been considered by the trial judge and in these reasons to have encompassed fraud, forgery and theft.

See it all here:
http://www.canlii.org/en/bc/bcca/doc/1990/1990canlii5402/1990canlii5402.html