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Bullboard - Stock Discussion Forum Baillie Gifford US Growth Trust plc BLGFF

Baillie Gifford US Growth Trust plc is a United Kingdom-based investment company. The Company’s investment objective is to produce long-term capital growth. The Company seeks to invest predominantly in listed and unlisted United States companies. The Company invests in holdings in listed securities and private companies up to a combined maximum of about 90 companies or funds, typically with 30... see more

OTCPK:BLGFF - Post Discussion

Baillie Gifford US Growth Trust plc > -- OSC Investigation Bear Lake Gold --
View:
Post by crstlClear on Mar 30, 2011 8:12pm

-- OSC Investigation Bear Lake Gold --

DATED AT TORONTO this 29th day of March, 2011.

https://www.osc.gov.on.ca/en/Proceedings_soa_20110329_boily.htm


Fraud by Qualified Person,

"...

I. THE RESPONDENT

1. The Respondent, Bernard Boily (“Boily”), has practiced as ageologist for over 27 years. He served as the Vice-President(Explorations) as well as the Qualified Person (as defined below) forBear Lake Gold Ltd. (“Bear Lake”) until he was terminated on November 3,2009. ..."

"...(b) The Respondent

7. Boily is a resident of Blainville, Québec. At all material times,Boily served as a geologist, Director and (later) Vice-President ofExplorations as well as the qualified person (as defined in NationalInstrument 43-101– Standards of Disclosure for Mineral Projects1 ) (“Qualified Person”) for Bear Lake. ..."


".....

(c) Exploration Data Inconsistencies Announced

10. On July 21, 2009, Bear Lake announced that it had become aware of“material inconsistencies” regarding its exploration results for theLarder Lake Project. The company further noted that the discrepanciesappeared “serious” and could result in “significant reductions of goldvalues for some of the previously announced drilling intercepts.”Earlier, on July 17, 2009, Bear Lake shares were halted on the basis ofpending news from the company.

11. An internal investigation was immediately commenced with anindependent consultant, Scott Wilson Roscoe Postle Associates Inc. (nowknown as Roscoe Postle Associates Inc.) (“RPA”), retained to lead thetechnical investigation.

12. On July 24, 2009, Bear Lake withdrew all of its previouslyannounced results for the Larder Lake Project and advised investors thatthe results should not be relied upon.

........"

Comment by sammenard on Mar 30, 2011 9:33pm
If the allegations are proven to be true, Mr. Boily is in deep doo doo.  I wonder where the sp would be today if not for the incorrect assays.Sam
Comment by Trekson on Mar 30, 2011 11:02pm
The company settled a lawsuit  last year over this. I often wondered why no charges were ever filed against Mr Boily,Truth is these folks have had some very good hits at Bear Lake over a decent strike length, confirmed by an independent third party.  Management needs to have an updated 43-101 completed after this drill campaign to regain the confidence of retail ...more  
Comment by crstlClear on Mar 31, 2011 11:20pm
confidence of retail investors - how you gonna regain that for once?Mr. Boily did such  "ridiculous" things, was he insane?  was he complete idiot?did he run away from mental institution?Man somehow managed to climb the stairs to VP of Exploration, guess answers on these questions are negative.Then what you've got:  What he was thinking?? Just get away with all this ...more  
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