Tuesday, December 4, 2018

Micheal McPhie - BridgeMark Venture Scam

On November 26 the BCSC prohibited a group of purported consultants from buying or selling the securities of 11 companies listed on the Canadian Securities Exchange (CSE), alleging that they participated in a scheme that is abusive to the capital markets. The so called "Bridgemark Group" is now blocked from all CSE-listed companies from using the consultant exemption to sell shares without a prospectus to the group of 25 people and 26 firms, most of whom are in B.C.’s Lower Mainland. $17.9 million worth of shares sold to members of the BridgeMark Group, returned $15.3 million to members of the group.

The latest to emerge is a list of Venture companies who dealt with Bridgemark. Among them is Prize Mining PRZ.v, led by Micheal McPhie. $5.5m of a recent $6.5m in financing was returned to the Bridgemark Group. "Of the funds raised, $5.5 million will be directed towards activities 1 and 2 listed above."

McPhie had the ballulars to call a swack of dead free dilution (SRUs) 'just paper.' McPhie also had the manstones to claim the free paper needed to be 'earned' even though 400k vested immediately.

The Executive Director alleges that the securities sales to BridgeMark were illegal because they improperly used the consultant exemption to avoid filing a prospectus, a formal document that provides details of an investment.