Thursday, November 28, 2013

BCSC decides to assrape a cost analyst for selling 5000 shares of BAJ during the blackout

Stockwatch - BCSC decides to assrape someone for dumping 5000 shares. Quote:
Mr. Launder, a mining cost analyst, was the manager of project controls for Minera Y Metalurgica Del Boleo SA de CV (MMB), a subsidiary of Baja. BCSC staff maintains that Launder was integrally involved in the preparation of a cost review for Baja's sole asset, a joint venture interest in the Boleo copper mine project. The cost review ultimately identified a projected cost overrun of approximately $246-million for the Boleo project.

The notice states that in light of the pending release of the cost review, Baja implemented trading blackout periods with respect to Baja shares, including a blackout from April 10 to April 25, 2012. During the blackout, insiders and employees of MMB, among others, were prohibited from trading in Baja shares.

The notice alleges that Mr. Launder was aware of the trading blackout, and that as a member of the team that developed the cost review, he knew about the cost overruns long before it was disclosed to the public.

BCSC staff contends that Mr. Launder engaged in insider trading when he sold 5,000 Baja shares on April 20, 2012, the last trading day before the news release pertaining to the cost review was issued. Mr. Launder sold his shares while in a special relationship with Baja, and with knowledge of the cost review before such information was generally disclosed.
So because he is alleged to have dodged $2500 in losses he gets in shit with the BCSC?

I know, it's the law, but it seems they love applying the law to the tiny dicks while giving all the big dicks a pass.


  1. Here's another. I was alerted about a BCSC Alert on Mission Mining (that scam claiming multisquillion ounces of gold in Nevada under 43-101, all with ever drilling) so went over to have a look.

    So yeah, the alert exists BUT...b-b-b-but the thing that grabbed me is that the BCSC has managed to publish the princely sum of four (count em up) investor alerts this year.

    I mean, anyone else noticed a couple more times when a bit of watchdog body protection may have been in order?

  2. This poor sod gets dragged under the bus but at the time Greenslade and his daughter gets away with pillaging the treasury.

    Baja Mining Corp. is facing a lawsuit in the Supreme Court of British Columbia from Kendra Low, its former corporate secretary and the daughter of former company president John Greenslade. She complains that the company wrongfully dismissed her from her $250,000-per-year job and that it defamed her by saying she was underqualified and overpaid. She seeks $375,000 in severance pay plus damages for defamation.

    Sedar says in the 2011 proxy circular that John Greenslade's base salary, paid in 2010 to his and his wife's Kendron Petroleum Management Corp, was $377,500, and he received a bonus of $750,000 (18. This bonus was paid in November 2010 upon completion of construction financing for the Boleo project in excess of US$1.1 billion).