Knock knock....its IIROC/ BCSCI wonder how soon before IIROC comes calling to the company and those that paid for the big blitz and pumping by Financial Buzz...
VANCOUVER , Oct. 6, 2016 /CNW/ - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that Garo Aram Deyrmenjian, Raffi Khorchidian , Antoine Ratsaphong and EuroHelvetia TrustCo. S.A. (now known as EHT Corporate Services S.A.) orchestrated a pump and dump scheme.
The notice alleges that in November 2010 , the respondents obtained 13.8 million shares of Kunekt Corporation through private transactions. Kunekt is a Nevada company. During the relevant period, Kunekt was a reporting issuer and its shares were quoted on the Over the Counter Bulletin Board markets in the United States . The notice states that prior to the relevant period, Kunekt shares were thinly traded.
The notice alleges that the respondents obtained the shares after learning that Kunekt was planning to enter the smart phone business in China . The respondents then hired a third party company to promote Kunekt shares through what the notice alleges were grossly promotional and misleading mass email blasts.
The notice states that during the relevant period, over 163 million Kunekt shares traded and that the company reached a market capitalization of almost $180 million despite being a development stage company with no patents, no phones, no revenues, and no manufacturing agreement to make phones. The notice alleges that the respondents sold their Kunekt shares as the price of the shares increased for net proceeds of almost $20 million .
Ratsaphong was the chief accountant for EuroHelvetia, a Swiss wealth management firm, and a resident of Switzerland . Deyrmenjian and Khorchidian were both B.C. residents during the relevant period and clients of EuroHelvetia.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on November 16, 2016 , at 9:00 a.m.
You may view the notice of hearing on our website www.bcsc.bc.ca by typing Garo Aram Deyrmenjian, Raffi Khorchidian , Antoine Ratsaphong, EuroHelvetia TrustCo. S.A. or 2016 BCSECCOM 336 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.