David Baines, Vancouver Sun
Published: Saturday, May 17, 2008
The SEC has finally caught up to CellCyte Genetics Corp., another trashy Vancouver-inspired company that trades on the bulletin board.
In a filing this week, the company revealed that SEC enforcement staff commenced an informal inquiry in January, and upgraded it to a formal investigation in May.
As noted in previous columns, Cellcyte, based in Bothell, Wash., has been promoted by West Vancouver promoter Brent Pierce, who is currently under suspension from the B.C. market for serious securities violations.
Pierce paid nearly half a million dollars to U.S. newsletter writer James Rapholz to prepare and distribute a newsletter that made outrageous forecasts for CellCyte's share price. The Seattle Times also reported that CellCyte CEO Gary Reys had repeatedly fibbed on his curriculum vitae.
The stock soared to $7.42 in January this year, giving it a total stock market value of $450 million, but it has since collapsed to 46 cents. Shareholders have also filed three class action lawsuits alleging Cellcyte's officers and directors filed misleading statements with the SEC and on its website.
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