SCAMMER Kipping is CEO of Locksmith Financial and Kwan is CEO of TK Investment, both of British Columbia, and both of which own VoIP-Pal common stock.
In August 2013 Locksmith loaned VoIP-Pal $1.5 million at 5.5 percent, according to the complaint. VoIP said it agreed that the loan would not be paid off in shares, and that by October 2013 it had withdrawn $1,404,275.69 of the available loan funds.
From May 2012 to January 2014, Kipping and Kwan "orchestrated a series of secret, unilateral, and fraudulent stock issuances to settle the debt with Locksmith" by converting the $1.5 million in debt, transferring 7.2 million shares of VoIP-Pal common stock to TK Investment, converting $360,000 to obtain 36 million shares of VoIP-Pal common stock and transferring the shares to several offshore holding companies.
...Kipping and Kwan "issued millions of shares of VoIP-Pal common stock to defendant Locksmith for a materially and substantially discounted price," which was "11 times the price per share that defendants Kipping and Kwan had issued to defendant Locksmith."
Basically Kipping and Kwan STOLE stock and did a unheard of conversion.
Industry standard is 50% discount to market, they did an unheard of 90+% discount to market.
Market Data 
Markets 
