A retired Vancouver-area lawyer has been charged after an investigation into a multi-million dollar stock market–related scheme.
In late 2013, Life Stem Genetics Inc., a purported operator of stem cell therapy clinics based in Beverly Hills, California, began trading as LIFS on the OTC Bulletin Board market.
After Life Stem Genetics made claims in a series of press releases, trading volume and LIFS stock price jumped.
The U.S. Securities and Exchange Commission temporarily suspended trading in Life Stem Genetics’ shares on November 25, 2013, due to concerns about the accuracy and adequacy of its disclosures.
By the close of 2014, Life Stem Genetics’s total stock market value was almost zero.
With assistance from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the U.S. Securities and Exchange Commission, RCMP launched an investigation into statements made to potential investors and partners that were alleged to be false.
Investigators found that although the company claimed to be a breakthrough company with a chain of clinics that offered innovative stem cell medical treatments to thousands of patients, the company did not have any clinics, patients, or revenue.
Investigators found that a Delta resident, 73-year-old Peter John Merry (who was a practising lawyer at the time) was a central figure at Life Stem Genetics and was involved in the publication or distribution of the claims.
Three counts of false prospectus to attract shareholders were laid against Merry on March 5.
RCMP Supt. Brent Taylor, who is in charge of the Federal Serious and Organized Crime Financial Integrity Program, explained in a news release that the impact went beyond financial loss.
“As an example, one victim reached out to Life Stem Genetics, Inc., seeking to treat a family member’s seizures; instead, they were lured to invest in the company,” Supt. Taylor stated. “No treatment was received and the victim lost $5000 and precious time not spent in actual treatment.”
Merry will appear in Surrey provincial court on March 26.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
