Sheesh. Is Iruke still practicing law? You'd think he'd at least have been suspended while the cases involving him make their way through the courts...
According to the article, Brent Pierce (who has been accused of hiding assets from the SEC to avoid paying a $7.2m disgorgement Order he received from the Commission for Securities violations) is in a legal battle with a number Canadian entity, 0948490 B.C. Ltd, over control of two properties worth $11.5 million.
Pierce claims that his family trust indirectly held mortgages over two properties, one in Surrey and the other in Vancouver. The mortgages were in the names of entities that he ultimately entrusted to his second cousin, a lawyer named Gary Clark. The problem, according to Mr. Pierce, was that Mr. Clark released the mortgages for no apparent reason. He did so without permission, the petition claimed.
The mortgages were apparently transferred over to 0948490 B.C. Ltd by Gary Clark.
0948490 B.C. Ltd uses the address of the $6.5m Vancouver house and is controlled by Shannon Gelbard who is the wife of Scott Gelbard.
Pierce claims that he still owns the mortgages and provided the courts with some strange 10 step chain of ownership that listed several private entities including one located in Hong Kong none of which he held any direct ownership over. 0948490 B.C. Ltd (Shannon Gelbard) claims that the 10 step chain of ownership is an example of how Brent Pierce hides his assets.
Interesting anyways. I guess it explains how Scott Gelbard got his house in Vancouver he is using to avoid the US Regulators.
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