Thursday, January 1, 2015

BCSC bans Colin Robert Hugh McCabe

"The B.C. Securities Commission has imposed permanent bans and $4.27-million in sanctions against Abbotsford resident Colin McCabe for his "egregious touting" of three OTC Bulletin Board listings. The BCSC has found that his conduct posed a serious risk to investors and the markets. He published grossly promotional and misleading reports while concealing payments he received for distributing the material.

The sanctions, which the BCSC has not yet publicly announced, are contained in a decision dated Dec. 18, 2014. The decision includes a permanent trading ban as well as orders permanently barring Mr. McCabe from promoting stocks and engaging in investor relations."

Erwin Speckert
Naturally (very) it was the SEC which first spanked McCabe in March.

"Colin McCabe, publisher of Elite Stock Report, The Stock Profiteer, and Resource Stock Advisor, was sued today by the SEC. The essence of the SEC’s complaints are that McCabe promoted stocks to his paying subscribers without disclosing his compensation, he lied about the research that went into his picks, and he lied about virtually everything else."
According to the commission, Speckert — working on behalf of unnamed clients — hired McCabe to write reports featuring a bulletin board stock called Guinness Exploration Inc. During the first quarter of 2010, McCabe dutifully wrote three glowing reports on the company, using three different newsletters (and personas) that he had created.

In February 2012 Speckert was arrested in a Winnipeg bus depot after security officers found $1.3 million cash in his backpack. At the time, Speckert was en route to Vancouver. RCMP released him and returned his money after he provided what they described as a plausible explanation.
Six months later, the B.C. Securities Commission learned he had funnelled $8.2 million from offshore accounts to Abbotsford stock tout Colin McCabe to promote dodgy stocks listed on the OTC Bulletin Board in the United States. The cash came from an illegal internet gambling enterprise involving London Hells Angel Rob Barletta.