Voip-Pal.com, Inc. ("Voip-Pal," "Company") (OTC Pink: VPLM) provided an
update on the status of legal actions to cancel and return to treasury
over 100 million shares of VPLM stock frozen since October 2014.
The Company filed a counterclaim and third party complaint in case Clark
County (Nevada) District Court case A-15-717491-C.
The Counter-defendants named were:
LOCKSMITH FINANCIAL CORPORATION, INC., a British Columbia entity;
TALISMAN FINANCIAL, INC., a Belize entity; VHB INTERNATIONAL LTD,
a Belize entity; CACTUS VENTURES, INC, a Belize entity.
The Third-Party Defendants named in the counter complaint were:
TK INVESTMENT, a British Columbia entity; RICHARD G. KIPPING, an
individual, TERRY KWAN, an individual.
In its counter-claim, Voip-Pal alleges:
Kipping, Kwan, Locksmith, and TK Investments, through a series of
deceptive debt conversions, stock issuances, and noncash accounting
transactions, systematically conspired, schemed, and defrauded Voip-Pal
and the shareholders of Voip-Pal out of additional millions of shares of
Voip-Pal stock.
In addition to the three above named offshore Belize entities, the
Counterdefendants and Third-Party Defendants involved a network of
twelve additional offshore and related entities for a total of fifteen
offshore entities utilized to hide their unlawful transactions and
transfers. The twelve additional offshore entities named in the
counterclaim are 3M Investments Company, Inc., Caledonian Securities
LTD, Caledonian Bank LTD, Red Arrow Investments, Inc., Platinum Tribe,
Inc., Cayman Institutional Bank, Brown Brothers Harriman & Co., Beaufort
International Associations, Undiscovered Equities, Greenland Capital
LTD, Paramount Trading Company and NSG Fund, Inc.
By running their stock transactions through Locksmith/TK Investments and
then through the Offshore Entities, Kipping and Kwan were able to have
their suspect liquidations facilitated by his unlawful broker-dealers,
without the scrutiny that the transactions demanded. Generally, Kipping
and Kwan transferred shares to one of the Offshore Entities within 24
hours of the debt-conversion transaction.
Among the alleged fraudulent transactions is a $360,000 debt to stock
conversion in which Kipping and Kwan caused that Voip-Pal, without
Voip-Pal’s knowledge or approval, issue 36,000,000 shares of Voip-Pal
common stock to Locksmith in exchange for settlement of the $360,000
sham loan. At the time of the of the $360,000 debt to stock conversion,
the 36,000,000 shares of Voip-Pal common stock had an actual market
value of approximately $4,860,000.
Among other relief for damages Voip-Pal is also asking the court to
cancel and return to treasury 124,718,000 shares transferred by
Locksmith, Kipping, TK Investments, and Kwan to off-shore entities,
including the Talisman, Cactus Ventures, and VHB International.
The complete filing will be posted on the Company’s website www.voip-pal.com.
About Voip-Pal.com Inc.
Voip-Pal.Com, Inc. (“Voip-Pal”) is a publicly traded corporation (OTC
Pink: VPLM)
headquartered in Bellevue, Washington. The Company owns a portfolio of
patents relating to Voice-over-Internet Protocol (“VoIP”) technology
that it is currently looking to monetize.
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