Another email from the desk of Jennifer Sendzul regarding the abandoned property scam plaguing the markets. Previously Jennifer has commented on our blog with her thoughts on the subject of Regulatory Fraud.
Billions of Dollars Have Been Washed Through The TSX and TSXV..
We have not yet seen all the evidence to verify these claims however we certainly don't discount the real probability that the entirety of these claims and more are true. We are aware as we have previously mentioned that there are several of these types of scams running in the mining exploration sector. This sheds a little more light on what may have happened to St. Elias Mines (SLI) among others we believe were victims of mass fraud.
See more from Jennifer Sendzul below.
Dear Christopher,
I have added Todd Linfoot onto this circulation list. In our case we are the victims of an "abandoned property scam" run through a Company called La Quinta Resources betwee 2006 - 2008 which concerns our efforts (this is still ongoing in this company) This case has been well documented by Todd Linfoot and Mani Sanghera and no action to date has been taken against the fraudsters Malcolm Swallow, Glen Watson and their lawyer Lee Tupper.
In this particular instance re La Quinta, the scam involved raising monies , several million, against exploration properties while token amounts actually ended up as "exploration spend" and the rest of the money was dissipated into fake spending. When the funds ran out, properties where abandoned and discarded as new monies continued to be raised ( approved by the TSX) against properties (the flagship property was negotiated and introduced by us supported by a contractual agreement published on the TSX bulletin board) while these fraudsters manipulated TSX rules and loopholes that professional Finders (outside of Canada) could not get paid until the TSX closed the deal. They then, with the collaboration of Linfoot and Sanghera delayed the closing for two years!
We are of the opinion that Swallow, Watson and Tupper where assisted by Todd Linfoot and Mani Sanghere to keep the deal open while new money was raised and squandered. La Quinta was raising and spending money on a deal they did not even own a % in and the TSX survelleince did not flag this company or halt it pending investigation.
The deal remained open while $6 million was raised and squandered and as the money ran out the deal finaly closed and two months later these flagship properties where, like the others, abandoned. The share price then collapsed leaving finders and investorrs holding worthless paper. This was a calculated and deliberate scam to defraud, misrepresent and mislead foreign professional people doing business with a listed issuer of the TSX and TSXV.
$800,000.00 of the money raised to kickstart this La Quinta company came from outside of Canada and still the TSX/V took no actions against Swallow, Watson and Tupper and no action was taken to return the funds to the foreign investors who unwittingly became the victims of the "abandoned property" scam under the watchful eye of the TSX/V, the BCSC and iiroc.
So why they took such a heavy hand in your case Christopher is something you and your team should continue to question.
Jennifer Sendzul
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