Canada's toothless regulators

Yes you, OSC

Yes you, BCSC

Yes you, ASC

David Baines does his normal wonderful job of work in this report, entitled "Where have all the regulatory lions gone?" looking at the toothless regulatory bodies that are supposed to keep the Canadian mining scamsters in check but, as ever, are found to come up woefully short. Please read the whole article because every word counts, but here at IKN we'll just extract the last line of Baines' report because it resounds on so many levels. The "lions" he refers to are the regulatory boards and its staff. In Texan English, it would translate as 'All hat no cattle'.

"My goodness, where have all the lions gone? Underneath the roar, there really isn't much bite."

DYODD, dude.

Guess who's coming to dinner

This morning brings an eminent visitor to our humble corner of cyberspace:

VISITOR ANALYSIS
Referrer	No referring link
Host Name	cog-158.osc.gov.on.ca
IP Address	38.112.100.158 [Label IP Address]
Country	Canada
Region	Ontario
City	Toronto
ISP	Ontario Securities Commission
Returning Visits	2

Visit Length 21 hours 41 mins 50 secs

And if you're wondering which post interested the OSC to come visit, it's this one on Nautilus (NUS) (NUS.to) and Porter Scamsberry yesterday. Even more joyously, our friends at the OSC who have managed to convict just one serious fraudster in the last ten years also hung around the blog (21 hours!!) and decided to check out IKN's coverage of ATW Gold (ATW.v). Better late than never, guys........

Capella Resources update

I have to say that I'm pleased about the contents of the following five day chart and really don't care if it's a coincidence or connected that the big traded volumes in Capella Resources (KPS.v) suddenly stopped as soon as this post appeared on IKN Monday morning (and followed by this post later).

That's a 22% drop since publication ($1.10 to $0.86) but more importantly the thieves in suits selling at these higher prices to their unsuspecting marks have been stopped from unloading for big profits as the volume has dried to a trickle. Meanwhile, not a word from the OSC, "the houses" or the Canadian financial dailies about this most obvious of criminal frauds. Until you guys up there do something meaningful your sordid markets will suffer from the reflected reputation of scum like KPS.v.

Related Posts
Capella Resources (KPSv): A fraudulent scam for the ages
More on Capella Resources (KPS.v) and the scum behind the scam

Canada's OSC: The toothless, lazy and impotent watchdogs strut their stuff

Hey there Canadian readers, remember back on January 27th when I posted this on the blatant insider trading at Alamos Gold (AGI.to) and Plexmar Resources (PLE.v)? Well I'm not just mouthy here y'know, I actually sent the thing in to Canada's OSC. For those unaware, the OSC is the Canadian version of the SEC, i.e. the people that are supposed to regulate the securities industry up there. The OSC's track record is nothing short of abysmal, having (for example) managed to convict just two people in the last nine years. Not bad for one of the world's most corrupt and crony-ridden capital markets, yeah?

So anyway, I'd all but forgotten that I had put in a complaint to the OSC when suddenly, today, five weeks later (!) I get a reply. Here it is below, but you can sum up Allan Krystie's attitude in just one sentence:

"I don't care, I'm doing nothing, stop bugging me."

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Dear XXXXX: Thank you for your inquiry to the Ontario Securities Commission (OSC) concerning Plexmar Resources Inc. and Alamos Gold. We have forwarded your complaint to the enforcement branch of the OSC for further review. This may or may not result in an investigation; however, Commission staff do not generally comment on the existence, status, or nature of an investigation. The purposes of this practice are to protect the integrity of investigations, to ensure the complaint process is not used to affect the market and to provide fairness towards those who are the subject of investigations, but against whom proceedings may never be taken. If additional information is required from you, staff will contact you; however, you may hear nothing further.
Sincerely,

Allan Krystie
Senior Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314
1-877-785-1555

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Canada's OSC = A Disgrace To Its Nation.

Petaquilla Minerals (PTQ.to) update: Liar Liar Pants on Fire

More proof (as if it were needed) that Petaquilla Minerals' (PTQ.to) management are bare-faced liars. With consummate timing, Reuters yesterday published this note entitled "Panama Petequilla gold mine to start production soon". Over at Bananama Republic the muck is getting thrown at the reporter Andrew Beatty for getting the story wrong. Quite right too, as it seems Beatty is taking the Simon Romero "fruity rum punch beats fact-checking every time" attitude to local current affairs. However Beatty in his laziness may have done us all a big favour. He actually gets PTQ's mouthpiece, Tom Byrne, on record and in print as saying:

"Petaquilla now has permission from Panama's environmental regulator to go ahead with the project."

Joy of joys, this is a confirmed and confirmable whopper. Big fib spotted. This is 100% false. Liar, liar, frilly panties on fire, Mr. Byrne. How do we know this? Because if you check back at yesterday's post we have the Panama Environment Ministry on record as stating:

In reply to your query, the Category III environmental impact study establishes requirements that the company must submit for evaluation and approval before the start of any works and before the start of operations. The company must also present additional environmental impact studies for activities that were not approved in the Category III.

This means that, even though it has ANAM approval for the Category III study, the company cannot continue its activities until it completes the additional requirements.

As they say in Spanish "Pez por la boca muere" (the fish dies (gets caught) via its mouth), because those additional requirements happen to be a list of 40 measures, including big stuff that takes a loooooong time for approval such as location and engineering of the tailings dump. Check back at Mr. Byrne's on-the-record statement, people. It's patently untrue and there's a word for that kind of statement; the word is 'fraud'.

So now we can trundle off to the OSC and register an official complaint about these scam artists who pretend they have a legal, decent, operative gold mine. And as usual the OSC will do nothing, because a bigger bunch of lilly livered apologists for corporate thievery has yet to be invented in the industrialized nations.

Related Post
Petaquilla Minerals: "Oops, we forgot to tell you that we're a bunch of lying shits."