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by MikeCaswell
The Alberta Securities Commission has filed an administrative action against wanted Calgarian Jim Can and others, claiming that they were behind the 2013 pump-and-dump of a company called Bluforest Inc. The ASC says that the men manipulated the company by falsely holding it out as having a $698-million asset. (All figures are in U.S. dollars.) The stock briefly went to $2 before it became worthless.
The allegations are contained in a notice of hearing that the ASC announced on Thursday, Feb. 8. In addition to Mr. Can, the notice identifies the other respondents as Calgary lawyer Norman David Anderson, former Bluforest president Charles Michael Miller and former mutual fund salesman Fred Dagostar Nikoo. The notice also names Bluforest itself as a respondent. At the time the company was listed on the OTCQB.
The scheme, as described by the ASC, began in February, 2012, when Mr. Can, Mr. Miller and Mr. Nikoo began selling shares of Bluforest to Albertans in off-market transactions. They raised over $1-million while telling buyers that the stock would double or that it would hit $11, the ASC claims. What the men did not disclose, however, was that Mr. Can controlled most of the tradable stock, the notice states.
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