Did you invest in Williams Creek Gold (WCX.v) over the last few years? Or Tyhee Gold (TDC.v)? Did you ever wonder why your investment wasn’t working very well? Wonder no longer, The SEC explains all:
Washington D.C., June 17, 2015 —The Securities and Exchange Commission today announced fraud charges against a Massachusetts-based investment advisory firm and its owner for funneling more than $17 million in client assets into four financially troubled Canadian penny stock companies in which the owner has undisclosed business and financial interests.The SEC alleges that clients at Interinvest Corporation may have lost as much as $12 million of their $17 million investment based on the recent trading history of shares in the penny stock companies, some of which are purportedly in the business of exploring for gold or other minerals. Interinvest’s owner and president Hans Peter Black has served on the board of directors of these companies, which have collectively paid an entity he controls approximately $1.7 million. Black’s involvement with these companies and his receipt of payments from them created a conflict of interest that he and Interinvest failed to disclose to their advisory clients.
Full complaint here and you’ll note that Hans Peter Black has never been touched by the toothless wonders that are supposed to protect investors in Canada, it’s the US SEC that’s got him.