BCSC Panel Finds that Former Resident of Holland Committed Fraud
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/14/16 -- A British Columbia Securities Commission (BCSC) panel has found that John "Johny" "JFA" Ferdinand Alexander Spangenberg and two companies he incorporated perpetrated a fraud on investors and illegally distributed securities.
The panel found that between June 2011 and December 2013, Spangenberg and the corporate respondents fraudulently raised over $170,000 from at least six B.C. residents in exchange for shares in Odyssey Renewable Growth Inc. and geoTreasuries Clean Energy Limited. Spangenberg was a director and the sole controlling mind of both companies.
Spangenberg represented to investors that Odyssey and geoTreasuries arranged project financing for clean energy projects.
Spangenberg deceived investors in numerous ways regarding his personal circumstances and the business carried on by the corporate respondents.
Spangenberg further misled investors by telling them that he would use their investment for business purposes, and that he would not take a salary. In its decision, the panel determined this was a lie: "The evidence is clear from banking records that Spangenberg, in fact, took most of the money that investors gave him and used it for his personal expenses."
Neither Odyssey nor geoTreasuries has ever filed a prospectus in B.C. Consequently, the panel found that Spangenberg and both corporate respondents breached securities laws pertaining to prospectus requirements:
The decision notes that Spangenberg also purported to do business under a number of other names, including: 'Clean Carbon Finance,' 'Clean Energy Finance USA', 'One geoFinance', 'GT2 Climate Risk Bonds Inc.', and 'GeoSteward Inc'.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
You may view the findings decision on our website by typing John Ferdinand Alexander Spangenberg, Odyssey Renewable Growth Inc., geoTreasuries Clean Energy Limited, Clean Carbon Finance, Clean Energy Finance USA, One geoFinance, GT2 Climate Risk Bonds Inc., GeoSteward Inc., or 2016 BCSECCOM 72 in the search box. Information regarding disciplinary proceedings can be found in the of the BCSC website.
Please visit the Canadian Securities Administrators' for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
About the British Columbia Securities Commission ()
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
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Datum: 14.03.2016 - 18:30 Uhr
Sprache: Deutsch
News-ID 457273
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VANCOUVER, BRITISH COLUMBIA
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Associations
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