Close X
Wednesday, December 4, 2024
ADVT 
National

Retired Vancouver-Area Lawyer Criminally Charged Following Stock Market Investigation

Darpan News Desk, 11 Mar, 2020 08:27 PM

    Retired BC lawyer criminally charged following stock market investigation


    A retired Vancouver-area lawyer has been charged following a B.C. RCMP Integrated Market Enforcement Team (IMET) investigation into a multi-million dollar stock market-related scheme.


    On March 5, 2020, the Public Prosecution Service of Canada approved three charges under the False Prospectus provisions of the Criminal Code against Delta resident Peter John Merry, age 73.


    "Public trust and faith in the accuracy of corporate statements is a cornerstone of stock markets in both Canada and the U.S.," stated Superintendent Brent Taylor, Officer in Charge of the Federal Serious and Organized Crime - Financial Integrity Program. "When this faith is undermined, not only do investors suffer, but legitimate small companies have a harder time raising capital to develop their businesses."


    The case dates back to late 2013, when Life Stem Genetics, Inc., a purported operator of stem cell therapy clinics based in Beverly Hills, California, began trading as LIFS on the OTC Bulletin Board market.

     

    Trading volume and LIFS stock price jumped after Life Stem Genetics, Inc. made claims in a series of press releases. On November 25, 2013, the United States Securities and Exchange Commission temporarily suspended trading in Life Stem Genetics, Inc.'s shares, citing concerns over the accuracy and adequacy of its disclosures. By the end of 2014, Life Stem Genetics, Inc.'s total stock market value was virtually zero.


    The subsequent RCMP IMET investigation, dubbed Project E-Narcose, alleges certain statements made to potential investors or partners were false. The IMET investigation revealed that Peter Merry, who was a practicing lawyer at the time as well as a central figure at Life Stem Genetics, Inc., was key to the publication or distribution of the allegedly false claims. Life Stem Genetics, Inc., was held out to be a breakthrough company offering innovative stem cell medical treatments to thousands of patients in a chain of clinics. However, the RCMP investigation determined the company had no clinics, no patients and no revenues.


    The victim impact goes beyond the monetary loss, said Superintendent Taylor. As an example, one victim reached out to Life Stem Genetics, Inc., seeking to treat a family member's seizures; instead, they were lured to invest in the company. No treatment was received and the victim lost $5000 and precious time not spent in actual treatment.


    The RCMP would like to specifically acknowledge the assistance they received from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the U.S. Securities and Exchange Commission.


    Merry, who has no criminal record, will appear at the Surrey Provincial Court on March 26, 2020.

    MORE National ARTICLES

    Experts Urge Trudeau To Use African Trip To Reset Relationship

    OTTAWA - Prime Minister Justin Trudeau is on his way to Africa tonight where he will become the first Canadian prime minister to participate in a session of the African Union.    

    Experts Urge Trudeau To Use African Trip To Reset Relationship

    B.C. RCMP Exclusion Zone Set At Coastal Gaslink Site, Protesters Report Arrests

    SMITHERS, B.C. - Opponents of a natural gas pipeline being built across northwestern British Columbia say RCMP have begun enforcing an injunction that prevents interference with construction.    

    B.C. RCMP Exclusion Zone Set At Coastal Gaslink Site, Protesters Report Arrests

    Chinese Envoy Lauds Virus Co-Operation With Canada, Amid Chill In Relationship

    Chinese Envoy Lauds Virus Co-Operation With Canada, Amid Chill In Relationship
    Ambassador Cong Peiwu tells The Canadian Press that anything Canada can do in the next few weeks will be appreciated, as the two countries try to address their problems and get their relationship back on track.    

    Chinese Envoy Lauds Virus Co-Operation With Canada, Amid Chill In Relationship

    Charter Plane Carrying Canadian Citizens Takes Off From Wuhan For Canada

    Charter Plane Carrying Canadian Citizens Takes Off From Wuhan For Canada
    OTTAWA - A charter plane carrying Canadian citizens home from the centre of the global novel coronavirus outbreak has begun its journey home.    

    Charter Plane Carrying Canadian Citizens Takes Off From Wuhan For Canada

    Canadians Coming back from CoronaVirus Infected Wuhan | Sexual Assualt At a Massage Clinic in Surrey

    A BC couple confirmed positive for the CoronaVirus on a cruise in Japan and Canada charters second flight out of Wuhan

    Canadians Coming back from CoronaVirus Infected Wuhan | Sexual Assualt At a Massage Clinic in Surrey

    B.C. Government To Squeeze Lawyers, Legal Costs Out Of Public Auto Insurance

    The government says legislation will be introduced in the coming weeks that will lower premiums at the Insurance Corporation of B.C. by about 20 per cent, an average of $400 in savings per driver.

    B.C. Government To Squeeze Lawyers, Legal Costs Out Of Public Auto Insurance