Stockhouse.com uses cookies on this site. By continuing to use our service, you agree to our use of cookies. Cookies are used to offer you a better browsing experience and to analyze our traffic. We also use them to share usage information with our partners. See
full details
.
I Agree
×
Join today and have your say! It’s FREE!
Join Now
Sign In
Become a member today, It's free!
We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.
Join Today
or
Sign in with existing account
Privacy Policy
|
Disclaimer
Sign In
Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Remember me
Forgot Password?
Sign In
or
Sign Up
Privacy Policy
|
Disclaimer
Please Try Again
{{ error }}
Send my password
Submit
Return to Login
SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.
Become a member today, It's free!
We will not release or resell your information to third parties without your permission.
Linking with Facebook:
Stockhouse membership requires an email address which must be shared by Facebook.
By default, joining or signing in using your Facebook account will work and the email address will be shared by Facebook automatically.
If you change your Facebook permissions to restrict Stockhouse from receiving your email while joining or signing in to Stockhouse then it will fail.
Please do not modify the permission settings during sign-in.
Sign in with Facebook
Return to Signup Options
Home
Community
Bullboards
Blogs
Groups
Messages
Markets
Stocks
TSX
TSXV
CSE
Cboe Canada
NASDAQ
NYSE
NYSE American
Cryptocurrency
Currencies
Market Movers
Bonds
News
Featured News
Trending News
Canadian Press Releases
US Press Releases
Video
Editorial
Thematic Insights
Independent Reports
Interviews
Buzz on the Bullboards
Portfolio
Watchlist
Portfolio
Showcase Companies
DealRoom
News Focus
Northstar Gold Signs MOU with Hunan Nonferrous Ltd. to Develop Gold Resource (click to learn more)
Quote
|
Bullboard
|
News
|
Opinion
|
Profile
|
Peers
|
Filings
|
Financials
|
Options
|
Price History
|
Ratios
|
Ownership
|
Insiders
|
Valuation
Bullboard - Stock Discussion Forum
Volt Carbon Technologies Inc
V.VCT
Alternate Symbol(s):
TORVF
Metals & Mining
Industrial Metals & Minerals
Volt Carbon Technologies Inc. is a Canada-based carbon science company, with specific interests in energy storage and green energy creation. The Company’s operations are focused on exploring mineral properties and developing its air classifier technology. The Company holds mining claims in the provinces of Ontario, Quebec and British Columbia in Canada. The Company’s wholly owned subsidiary...
, Solid Ultrabattery Inc., is focused on developing its battery technology. The Company operates through two segments: Research & Development, and Mineral Exploration. The Company holds mineral rights and multiple historic molybdenum properties in British Columbia and a graphite property in Quebec, which include Red Bird Property, Mount Copeland Property, Lochaber Property, Manitouwadge Graphite Property and Abamasagi Lithium Property. The Company operates a battery fabrication facility in Guelph, Ontario, and a carbon research facility in Scarborough, Ontario.
see more
Join the community and start posting on the bullboards today. It's free.
You are already a member! Please enter your password to sign in.
Remember me
Forgot password?
Back
Submit
By providing my email, I consent to receiving messages from Stockhouse.
Create a portfolio watchlist today. It's free.
You are already a member! Please enter your password to sign in.
Remember me
Forgot password?
Back
Submit
By providing my email, I consent to receiving messages from Stockhouse.
Add To Watchlist
TSXV:VCT - Post Discussion
Volt Carbon Technologies Inc
> ASC imposes three-year ban, $90,000 order on Ogilvie
New Post
View:
Discussion
List
(3128)
•••
dalesio_98
X
View Profile
View Bullboard History
Post by
dalesio_98
on Mar 28, 2023 6:35pm
ASC imposes three-year ban, $90,000 order on Ogilvie
ASC imposes three-year ban, $90,000 order on Ogilvie
2023-03-23 20:15 ET - Street Wire
https://www.stockwatch.com/News/Item?bid=Z-C:*ASC-3381957&symbol=*ASC®ion=C
by Mike Caswell
The Alberta Securities Commission has imposed $90,000 in sanctions and a three-year ban against former Saint Jean Carbon Inc. chief executive officer Paul Ogilvie. The ASC claimed that Mr. Ogilvie misled investors about a supposed agreement that Saint Jean Carbon had with Japanese manufacturing giant Panasonic Corp. in 2017. Mr. Ogilvie claimed to have a graphite supply deal, but there was no such arrangement, the ASC said.
The penalties for Mr. Ogilvie are contained in a decision that the ASC released on Thursday, March 23. His $90,000 sanction comprises a $60,000 administrative penalty and $30,000 in investigative and hearing costs. On top of that, the ASC has barred him from serving as an officer or director of any issuer for three years, and has ordered him to resign from any such positions that he holds.
The penalties arise from a news release that Saint Jean issued on Feb. 28, 2017. The company claimed to have received an order from Panasonic, with that order being part of an "offtake agreement to supply multiple tonnes of anode material monthly for a number of years." Mr. Ogilvie cheered the deal at length, calling it the company's "greatest accomplishment; to be recognized and awarded with an order to supply one of the world's best technology companies." Saint Jean said that it would make the first shipment within 90 days.
The problem, at least according to the ASC, was that the news release was entirely untrue. Panasonic had requested some material from Saint Jean for evaluation, but there was no supply deal involving regular shipments, as the news release implied. After the news, Saint Jean's price more than tripled, reaching 29.5 cents.
The company then issued a second news release, on March 3, 2017, in which it clarified that the order was nominal and that Panasonic had not signed a definitive agreement. Saint Jean still suggested that the deal was in the works, saying that the parties were working to finalize it "as soon as possible." The stock decreased sharply, closing at 15 cents that day.
After the second news release, the ASC began looking into the transaction, with an investigator contacting Panasonic. According to the ASC, a lawyer for Panasonic said that the company had no intention of entering into Saint Jean's agreement. Trading in Saint Jean was then halted until the company issued a third news release, dated March 20, 2017, in which it clarified its arrangement with Panasonic (which was an order for a five-kilogram sample, and nothing more).
In imposing the penalties on Mr. Ogilvie, the ASC found that his violation was serious, causing a substantial increase in Saint Jean's volume and price. The regulator also determined that he did not maliciously intend to mislead the market. The ASC opted for a more charitable description of his behaviour, saying that it reflected "wishful thinking, over-confidence, or hubris." The ASC further acknowledged that there was no evidence of Mr. Ogilvie receiving a direct financial benefit.
For his part, Mr. Ogilvie argued that he was not solely responsible for the news release. He said that it was the product of discussion amongst the company's management. As he saw things, he should not have been held personally liable.
Unfortunately for Mr. Ogilvie, the ASC did not accept his explanation. The panel hearing the case noted that he was the company's senior officer, and much of the problematic material was contained in quotes attributed to him. The panel also heard evidence from other directors or officers who testified that Mr. Ogilvie was primarily responsible for the news releases.
For Saint Jean shareholders, the finding against Mr. Ogilvie comes with the stock still trading for pennies. The company, now known as Volt Carbon Technologies Inc., closed at seven cents Thursday, unchanged.
The company was also a respondent in the ASC case, which it settled by paying $50,000
. Mr. Ogilvie is no longer with the company.
As for the graphite sample, Panasonic did eventually perform its evaluation. It informed Mr. Ogilvie that the material had some satisfactory qualities, but there was a "deficiency in discharge." Mr. Ogilvie attempted to get an explanation, but received no response. There was no further communication with Panasonic.
(3128)
•••
dalesio_98
X
View Profile
View Bullboard History
Comment by
dalesio_98
on Mar 28, 2023 6:36pm
Citation: Re Ogilvie, 2023 ABASC 33 Date: 20230321 https://www.asc.ca/-/media/ASC-Documents-part-1/Notices-Decisions-Orders-Rulings/Enforcement/2023/03/OGILVIE-Paul-Anthony-DECISION-20230321-6086933.ashx ASC SANCTIONS PAUL ANTHONY OGILVIE FOR BREACHING ALBERTA SECURITIES LAWS https://www.asc.ca/en/news-and-publications/news-releases/2023/03/mar-23-asc-sanctions-paul-anthony-ogilvie-for-breaching
...more
(0)
•••
litmo65
X
View Profile
View Bullboard History
Comment by
litmo65
on Mar 29, 2023 12:42am
This post has been removed in accordance with Community Policy
(17)
•••
Medam21
X
View Profile
View Bullboard History
Comment by
Medam21
on Mar 30, 2023 9:44am
I lost huge amount of money because of this a$$**. Still I haven't recovered from that lost. Saad..
Thank You
Your Report has been submitted.
Report Abusive Content
×
Close
Sign up to get access
You are already a member! Please enter your password to sign in.
Remember me
Forgot password?
Back
Submit
By providing my email, I consent to receiving messages from Stockhouse.
The Market Update
{{currentVideo.title}}
{{currentVideo.relativeTime}}
< Previous bulletin
Next bulletin >
A daily snapshot of everything
from market open to close.
{{currentVideo.companyName}}
{{currentVideo.intervieweeName}}
{{currentVideo.intervieweeTitle}}
{{currentVideo.headline}}
{{currentVideo.link1Text}}
{{currentVideo.link2Text}}
< Previous
{{moreVideoText}}
Next >
Featured News Links
Mining Player Sells Off Promising Project for Millions – Here's Where the Cash is Headed
EnviroGold Global Announces Appointment of Chief Operating Officer