RE: Toast The buyers of those shares, according to the notice of hearing, were clients of an Ontario debt management company called Phoenix Credit Risk Management Consulting Inc. The BCSC says Mr. Poonian had made an arrangement to pay the commissions for the referral of Phoenix clients to buy OSE shares. During the scheme, 216 Phoenix clients bought 4.6 million OSE shares at an average price of $1.80. The stock closed at eight cents on March 31, 2009, and Phoenix clients suffered a $7.1-million loss, according to the BCSC.
(In a related case launched by the Ontario Securities Commission, Phoenix and three of its employees agreed to pay $3.3-million to settle unregistered trading allegations. The OSC claimed that they recommended OSE and another TSX-V listing, Great Pacific International Inc., and told clients the stocks would rise. In addition to the financial penalties, Phoenix and the employees agreed to 15-year trading bans.)
I feel sorry for those customers of Phoenix Credit Risk Management as they most likely got screwed outa of a lot of money trying to get their lives turned around… these people need to get hammered in a big way. I hope that all patires involved have their assets frozen and there is some harsh justice issued and those Phoenix Credit customers get some of their money back but I am thinking that is wishful thinking.