WHO DO YOU TRUST? WHO IS REALLY ON YOUR SIDE?
I also trust David Baines:
From the Vancouver Sun:
Iam certainly pleased to see that regulators in B.C., Alberta and evenQuebec have sounded the alarm about Langley stock hustler ReneBraconnier, who has wreaked havoc in the local market for years.
Severalweeks ago, the Alberta Securities Commission issued a cease-trade orderagainst his latest pileup-in-progress, Global 8 EnvironmentalTechnologies Inc., which trades on the dreadful OTC Bulletin Board inthe United States.
Global 8's stated mission is "to providesolutions for the health and recovery of our environment" -- a statementso broad as to be meaningless.
Braconnier is neither an officernor director, but he is the company's largest shareholder. He is also amajor creditor. His nephew, Chad Burback, serves as chief financialofficer; and his old crony, Edwin Kroeker, served as president and CEOuntil last September.
Braconnier also collects astronomicalconsulting fees from the company. During the year ending September 2008,the company paid him $3,231,640 US in fees. His wife, Sharon, also has aconsulting contract that calls for annual payments of $222,000 Cdn,although those amount were being accrued rather than paid.
Theseare outrageously rich contracts for a financial basket-case. During thenine months ending June 30, Global 8 generated zero revenues and rackedup $4.3 million US in losses. The company has a serious working capitaldeficit and negative equity.
Braconnier has been keeping the company afloat by persuading unsophisticated investors to buy shares.
Oneof his favourite watering holes has been Fort McMurray, Alta., whereGlobal 8 advertises on the local Christian radio station. Braconnierhimself plays the Christ card at every opportunity, including sayinggrace at restaurants before he lunches on prospective pigeons.
His methods are scandalous, but productive. Several investors in the Fort McMurray area have invested at the six-figure level.
Problemis, Global 8 is not registered to sell shares in Alberta or B.C., orany other place in Canada. On July 30, the ASC issued a cease-tradeorder against the company on grounds that it illegally sold $19.5million worth of stock to 950 Alberta investors from May 2003 to June ofthis year.
The B.C. commission has also issued a cease-tradeorder on grounds that the company qualifies as a reporting issuer inB.C., but has not been filing the requisite disclosure documents.According to the Quebec commission, which issued a warning to investors,the B.C. commission also alleges Global 8 illegally sold $12.5 millionworth of stock to about 120 investors in B.C.
Braconnier has beentouting bogus environmental companies for more than 25 years, mostnotably with Thermo Tech Technologies Inc., which was squeezed off theVancouver Stock Exchange in 1995 and then migrated to the bulletin boardwhere it racked up more than $80 million US in losses. Braconnier,meanwhile, is living the life of Riley on his expansive hobby farm inLangley.
Read more: https://www.vancouversun.com/business/Vancouver+area+residents+kicked+market+Ponzi+scheme/1986625/story.html#ixzz0yLJrCnmb