Whilst on the subject of insiders, this is the damage they can inflict on shareholders, i came a cropper to the tune of around 30k in total on CMR Compass Resources, they too had a billion dollar asset in the ground, sound familiar ? ASIC failed miserably in their duty to protect shareholders of CMR, and they continue the tradition to this day.
http://www.smh.com.au/business/shareholdercide--diluted-to-death-20121207-2b1be.html#ixzz2EQsFtnzE
Washington, D.C., Oct. 17, 2012 – The Securities and Exchange Commission today charged a former $1 billion hedge fund advisory firm and two executives with scheming to overvalue assets under management and exaggerate the reported returns of hedge funds they managed in order to hide losses and increase the fees collected from investors.
The SEC alleges that New Jersey-based Yorkville Advisors LLC, founder and president Mark Angelo, and chief financial officer Edward Schinik enticed pension funds and other investors to invest in their hedge funds by falsely portraying Yorkville as a firm that managed a highly-collateralized investment portfolio and employed a robust valuation procedure. They misrepresented the safety and liquidity of the investments made by the hedge funds, and charged excessive fees to the funds based on the fraudulently inflated values of the investments.
Take extreme care if you hold shares in any of these companies, they have "financial arrangements" with YAG
Greenland Minerals GGG
Nexus NXS
Cougar Energy CXY
Peninsular Mining PEN
Aurox Resources AXO
St Barbara SBM
European Gas EPG
Toro Energy TOE
Lynas LYC
Arafura Resources ARU
Admiralty ResourcesADY
Compass Resources CMR
Linc Energy LNC
Unwired UNW
Industrea IDL
Murchison Metals MMX
Queensland Gas Company QGC
Fortescue Metals FMG
http://www.yorkvilleadvisors.com/internal.aspx?pageID=31
http://www.yorkvilleadvisors.com/team.aspx?pageID=3
note the first name on the partners list...
Mark Angelo
President & Partner
Has been charged with fraud, Bernie Made-off will have company soon.
And during the week an ex JP Morgan banker and her friend, an NAB partner, were given suspended sentences for insider trading Valad Property Group shares, seriously what hope have we got against these financial terrorists ?
http://www.smh.com.au/business/two-sentenced-on-insider-trading-20121205-2avm0.html
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