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Title : Bunker Hill Mining (BNKR.cse)
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Bunker Hill Mining (BNKR.cse)

It's not easy keeping up with the squirming of slimeballs as they try to cover their tracks, so it's worth noting here that since the Liberty Silver pump and dump in which Bobby Genovese dumped untold millions of shares on an unwitting market and made off with his criminal loot, he's done the following:

• Regained majority control of the company
• Once again hidden the vast majority of his shareholding in offshore accounts, waiting for the dump opportunity
• Changed its name from Liberty Silver to Bunker Hill Mining and listed it back on the CSE exchange under the ticker BNKR
• Got a new project for the thing, namely the old Bunker Hill mine and pollution nightmare spot, with which he plans to lather/rinse/repeat and rip off the greenhorns once again.

So thathanks for the heads-up to reader JG for this link of a Caswell Stockwatch piece today that catches up on Bobby G's attempts to tie off his major loose end, the SEC fraud charges he faces in the USA. Same Bobby G as Bunker Hill. Same company. Same Modus Operandi. Same rip-off in the making. Read on.

• SEC defendant Genovese files motion to dismiss

  
  

  by Mike Caswell

  Ontario's Bobby Genovese has asked that a judge dismiss civil charges he faces from the U.S. Securities and Exchange Commission for manipulating Liberty Silver Corp. in 2012. He says that the SEC's allegations fall short of making a case for securities fraud. Much of the case is vague or involves activity "completely disconnected from investors," he contends.

  The denials from Mr. Genovese come in response to a case in which the SEC accused him of improprieties related to his sale of $17.5-million worth of Liberty Silver shares. (All figures are in U.S. dollars.) The SEC claimed that he arranged for promotional newsletters and enlisted the help of a New York brokerage to boost the stock, all while failing to disclose his large share position or his intention to sell that position. The stock went to a $1.55 high before the SEC halted it.

  For his part, Mr. Genovese characterizes the events much differently. In a motion to dismiss filed on Feb. 2, 2018, he says that much of the SEC's complaint is too vague to base anything on. The SEC accused him of touting Liberty Silver without disclosing his true intentions, but the regulator did not say how he misled anybody. It also did not provide "the specificity that is necessary to meet the pleading standard for securities fraud," he contends.

  Bobby Genovese

  In what specifics the SEC did provide, it fell short of making out its case, at least as Mr. Genovese sees things. For example, the SEC accused him of failing to fully disclose his interest in Liberty Silver, but he claims to have made no effort to hide his financial interest in the company. He says that he repeatedly disclosed that interest. The SEC further accused him of hiding his intention to sell the stock for a profit, but "nowhere does the [SEC] address how that supposed failure to disclose would be material to an investor," the motion states. Moreover, the SEC has provided no explanation why a rational investor would be dissuaded from buying the stock simply because Mr. Genovese owned it or intended to sell his shares for a profit, the motion states.

  Mr. Genovese further points out that he did indeed disclose his intention to trade Liberty Silver. An e-mail that he sent to his client investors had an explicit disclaimer. It stated that Mr. Genovese's company "has a long position in this security via its subsidiary, Look Back Investments and may trade in and out of this security at their own discretion without informing any person or entity."

  For those reasons, Mr. Genovese asks that the case be dismissed. New York lawyer Marc Rowin filed the motion on behalf of Mr. Genovese and his company, BG Capital Group Ltd.

  Details of the allegations against Mr. Genovese are contained in a civil complaint that the SEC filed on Aug. 1, 2017, in the Southern District of New York. The SEC cited him for a scheme that went back to 2010, when he acquired 44 per cent of Liberty Silver's shares. According to the complaint, he boosted the stock in presentations to brokers and through newsletters, while selling millions of shares.

  Much of Mr. Genovese's efforts at boosting the stock, as described by the SEC, were routed through a New York brokerage named John Thomas Financial. According to the complaint, Mr. Genovese enlisted the help of the firm's chief executive officer and then made presentations to the firm's brokers. Mr. Genovese allegedly told those brokers that he expected Liberty Silver to go to $7. He failed to disclose that he was a substantial shareholder and that he planned to sell his stock, the SEC said.

  Around the same time, Mr. Genovese was arranging to have newsletter writers publish promotional pieces about Liberty Silver, the SEC claimed. One unidentified Canadian newsletter writer received a $30,000 set of speakers for his efforts, according to the complaint. He did not disclose this alleged gift in his subsequent recommendation of the stock.

  The SEC further accused Mr. Genovese of manipulating Liberty Silver through wash trades. On Oct. 3, 2012, he arranged a series of trades between accounts he controlled, with those trades moving the stock to $1.43, a 10-cent gain, the SEC said. That same day, trades by Mr. Genovese accounted for 61 per cent of the sell-side volume and 28 per cent of the buy-side volume, according to the complaint.

  Two days later, on Oct. 5, 2012, the SEC ended the scheme by imposing a trading halt on Liberty Silver. By that time, Mr. Genovese had sold $17.5-million worth of shares, generating an $8-million profit, the SEC claimed. He had also provided $2-million to John Thomas as a purported loan, according to the complaint. In all, the firm solicited clients to buy over 19 million shares during the scheme, the SEC said.

  Of the shares that Mr. Genovese sold, many came from an offshore brokerage that he used, Verdmont Capital SA, according to the complaint. He held an account there in the name of a Panamanian entity, Outlook Investments. (Verdmont is no longer in business. The firm, which was run by two former Vancouver brokers, ceased operations after the SEC charged it for share sales unrelated to Liberty Silver. The regulator said that it sold millions of shares during questionable promotions in 2013. Verdmont denied any wrongdoing, but in early 2016 it went out of business and later stopped defending the case. The SEC won a $38.5-million sanction by default. The B.C. Securities Commission also began an administrative case against Verdmont and its two founders, former Vancouver brokers Glynn Fisher and Taylor Housser. To settle that case, Verdmont agreed to pay $350,000 (Canadian). The BCSC dropped the case against Mr. Fisher and Mr. Housser.)

  The defendants in the SEC's case include John Thomas Financial's former head of investment banking, Abraham "Avi" Mirman. He too has asked that the judge dismiss the charges, saying that the SEC has failed to properly connect him with any fraudulent stock promotion and with any stock sales by Mr. Genovese.

  The SEC is seeking a penny stock ban, appropriate civil penalties, disgorgement of gains and an order barring future violations by Mr. Genovese and Mr. Mirman.

   

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