"Malki Haer, BCSC Lead Investigator and Senior Compliance Officer Acted in a High-Handed, Untruthful, and Misleading Manner"
AND Three Member British Columbia Securities Commission Panel Revokes Halt / CTO Order against Forum National Investments Ltd (FMNL) Following a Two Day Hearing and Cross Examination of Malki Haer, BCSC Senior Compliance Officer. AND FMNL fully Complied with Two BCSC Production of Documents Orders Including Substantiating the $10.5 Billion USD in Life Settlement Policies the Company is Tracking.
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/06/12 -- The British Columbia Securities Commission Three Member Panel revoked the Halt/Temporary Cease Trade Order (CTO) in the trading of Forum National Investments Ltd. (OTCBB: FMNL) common shares, citing a lack of evidence of any wrong doing by the Company's principals and a shareholder. "How does the BCSC justify the initial issuance of a Halt Trade Order / CTO and its subsequent extension for a period of over a month in duration as anything other than highhanded without not even a prima facie level of evidence to support it," stated Dan Clozza, CEO of Forum National Investments, Ltd. "Malki Haer, lead investigator and BCSC Senior Compliance Officer's own testimony, was that he took at least a week long break from his investigation and worked on other matters while our Company, its Officers, Directors and shareholders, and our potential merger partners ALIYA LIFESPAN, LLC, were forced to wait for an explanation of the aggressive regulatory action being taken against them."
"Mr. Haer has acted in a high-handed, untruthful, and misleading manner from the time he attended at our corporate office in Richmond accompanied by the police. His actions have been a pure abuse of power and intimidation. Why did he feel it necessary to have a police presence for his initial visit on what he has later characterized as a compliance issue?" asked Clozza. "Why didn't he simply pick up the phone and ask to schedule a meeting with management or simply send us a letter? He had no evidence of any wrong doing by the Company, but proceeded to take aggressive action against us anyways, that how they treat OTCBB Companies."
Prior to and during the period of the Halt/CTO, the Company was repeatedly 'requested' by Mr. Haer to issue a news release essentially denying the Company's involvement in a purported internet marketing campaign directed at BC residents. The Company was also subject to two 'demand(s)' for document production. A number of Order(s) to Freeze Property were issued in respect of the transfer or issuance of FMNL common shares. "I am still upset that we were badgered to make a news release denying our involvement in a purported internet marketing campaign directed at British Columbia residents when we had no knowledge of it until it was brought to our attention. There still remains the serious question as to whether any campaign in fact existed or was directed at any B.C. resident at any time, or what the true extent and effect of any purported campaign was," states Clozza.
"The BCSC staff often ignore the normal rules of law," states Clozza. "They are operating with a level of impunity. We should all be very concerned about the power they have and their use of it. Their powers are shockingly very broad and disconcerting. Mr. Haer's request for a news release was a 'demand', an outright ultimatum! It felt like we were being bullied. That is how Mr. Haer operates. In their Ruling of August 8, 2012, the Commission Panel got it right when they recognized it as a 'demand' and not a request that FMNL issue a news release. I think there are serious breaches of the Canadian Constitution being committed by the BCSC. This style of 'act first, and then try to gather some facts or evidence later' approach to regulating, needs to be stopped in its tracks. I look forward to my compelled interrogation with the BCSC on September 17th 2012, where I intend to challenge the breaches of the Canadian Constitution that I believe the BCSC is committing. If necessary I will take this to the Supreme Court of Canada ... we have Rights and Freedoms in this country."
"During the two day BCSC hearing, the lead investigator, Mr. Haer, under cross-examination by FMNL lawyers, was untruthful and attempted to intentionally mislead the Commission Panel. Mr. Haer also admitted to issuing demands for production of documents which included FMNL substantiating the $10.5 Billion in Life Settlement death benefits the Company is tracking. Under his testimony, Mr. Haer stated that he was unaware that his Order(s) for Production of documents relied upon BCSC Policy 15-501 and a section 148 of the BC Securities Act that is no longer in force. He also had a very selective memory on key and non-key points, specifically on whether the RCMP officer assigned to him, Lana Jardine, showed a badge or if she in fact had a badge on her at all, when they initially attended at the FMNL office. I think he was evasive in answering this question as he had already been caught in an untruth about this by our lawyer in an earlier discussion," stated Clozza. "Mr. Haer apparently has a badge and is a Special Constable. Lana Jardine, the official RCMP officer with a badge had in fact produced it that day. Mr. Haer finally recalled, under oath, that Ms. Jardine had produced her badge to the adjacent business owner when he refused to provide his name. "It appears they like to masquerade around as BCSC Compliance Officers as opposed to what they are in fact, a BCSC Lead Investigator and an RCMP Officer until it becomes inconvenient to do so," stated Clozza.
"On the issue of whether the Company and many of its key shareholders had in fact been 100% cooperative in providing full disclosure of onshore and offshore brokerage account balances and all trading activity, Mr. Haer was less than forthcoming on that fact. More troubling were some of the key words used in Mr. Haer's affidavit in support of the BCSC Orders. He was asked repeatedly if the content of his affidavit were his words and his alone. He stated they were. Then he was asked why his affidavit of July 20 had so many paragraphs that were 100% identical to the RCMP officer's, Ms. Jardine, affidavit that were sworn before his and in support of other Order(s) to Freeze property. Once again he stated the words were his own. And again, when asked if the words in Ms. Jardine's affidavit were in fact his words, he would only comment that the words in his affidavit were his own. "I would suggest that one or both will be held out at the end of the day to have sworn an untruthful affidavit," stated Clozza.
Forum National Investments LTD has been listed on the OTCBB since 1998 and has had the same Officers, Directors and principal insider ownership for the last four years. The founding Director and CEO of the Company, Mr. Clozza, has been a Director since September 1995.
The Company has confirmed to the BCSC that none of its principals had any knowledge of any purported internet marketing campaign and that all of its Officers, Directors and Insiders have had no material change in their common share ownership of the Company except as stated in Sedar and Edgar filings. "The Company's transfer agent's records, the Depository Trust Corporation reports (DTCs), and the Non-Objecting Beneficial Owners (NOBO) lists support these statements. Additionally these reports show no significant week to week change in the positions held at these financial institutions. There exists no obvious large sale of the Company's securities by any one person or entity during the period in question," states Mr. Clozza.
The Company believes that the BCSC's Halt Order and subsequent Cease Trade Order on trading of the Company's shares in Canada created a significant instability in the US marketplace for FMNL common shares and its shareholders. The value of FMNL shares rose $0.46 USD or 32.4% in the first day of trading after the initial Halt Order to a high of $3.01 in the subsequent weeks during the Halt Order. Mr. Clozza states that "a significant percentage of the Company's approximate three (3) Million common share public trading float is held in Canada and that float was effectively withdrawn or frozen from trading. Therefore, we saw anything but an orderly market over the past six weeks."
"The Company felt compelled to issue this News Release so that investors were properly informed of this very unusual circumstance and the events that have contributed to the recent fluctuation in its common share value. We believe the actions taken against FMNL by BCSC were unjustified and unethical. It was damaging to the integrity of our public market on both sides of the border and it most certainly was not in anyone's public interest. We now need to concentrate on rebuilding shareholder confidence in FMNL and moving forward with our core Life Settlement business plans. This has all been an unwarranted distraction," stated Dan Clozza, CEO.
About FORUM:
Forum National Investments Ltd. () is a publicly held company currently trading on the OTCBB since 1998 under the symbol FMNL. The company's Life Settlement operations in the United States are conducted through its wholly owned subsidiary, The American Life Settlements Society.(http://www.thealss.com/).
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.
Contacts:
Forum National Investments Ltd.
Dan Clozza
CEO
604-803-0635
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Datum: 06.09.2012 - 06:15 Uhr
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News-ID 180776
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VANCOUVER, BRITISH COLUMBIA
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Insurance
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