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B.C. Securities Regulator Dismisses Fraud Allegations Against Jon Carnes

Darpan News Desk The Canadian Press, 15 May, 2015 11:03 AM
    VANCOUVER — British Columbia's securities regulator has dismissed fraud allegations against a hedge fund manager and financial blogger accused of making claims about Silvercorp Metals Inc. (TSX:SVM).
     
    Jon Richard Carnes, who ran the "Alfred Little" financial blog, was accused in December 2013 of anonymously publishing a negative report about Silvercorp aimed at driving down its share price and then profiting from a short position he held.
     
    In its statement of allegations, staff at the British Columbia Securities Commission alleged Carnes posted a report that contained numerous false statements and omitted to state certain information in relation to a mining expert's report about Silvercorp.
     
    However, in a decision issued Thursday, a BCSC panel dismissed the fraud allegations, saying none of the statements or omissions constitute a prohibited act for the purpose of fraud.
     
    Silvercorp is a mining company and reporting issuer with its head office in Vancouver. It has business operations in China, and its securities trade on the Toronto Stock Exchange and the New York Stock Exchange.

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    Newfoundland And Labrador Raises Taxes, Fees In Election Year Budget

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    NDP Ad Promotes Child Care Plan, Mulcair As Father, Grandfather

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    Bell Won't Release Internal Report On Journalistic Independence At CTV

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    B.C. Didn't Infringe On Teachers' Contract Rights On Class Size: Appeal Court

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    Canadian Team Scouts Nepal Hinterlands To Plan Aid And Find Stranded Canucks

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    Former Newspaper Tycoon Won't Get A Supreme Court Hearing In Tax Appeal Case

    OTTAWA — Former newspaper baron Conrad Black has lost his last effort to shield million of dollars from the Canadian taxman.

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