Vancouver regulators raid boiler room that promoted stock of Brek Energy
A raid on an alleged boiler room in Vancouver is further evidence that the Bank of Bermuda may have been conned out of $14.3 million when it invested in First Ecom.com Inc.
Canadian regulators raid boiler room
Canadian securities regulators and armed police have raided a Vancouver boiler room operation closely linked with Brek Energy, whose offshore investors, including the Bank of Bermuda and clients of Lines Overseas Management, have lost tens of millions of dollars in
Self-dealing CEO Gregory Pek retires from Brek Energy
Canadian national Gregory Pek has retired as President and CEO of loss making Brek Energy, formerly First Ecom.com, and been replaced by 57 year old Richard Jeffs.Pek stepped down only a few months after overseeing Brek's purchase for $770,000 of
Brek Energy – past allegations against CFO
OffshoreAlert has uncovered further information casting doubt on the legitimacy of Nasdaq-listed Brek Energy, whose dismal operating results caused the Bank of Bermuda to write off its entire $14.3 million investment.We have obtained details of allegations of impropriety against the firm's Chief Financial Officer in 1995 relating to a former employer.
Suspicious trading in shares of Brek Energy, formerly First Ecom
Stock manipulation or a happy coincidence? That is the unanswered question surrounding the recent share activity of perennial loss-maker Brek Energy, formerly First Ecom.com.For more than ten months, the firm's shares had closed at below $1 on the Nasdaq National Market System in breach of the Exchange's $1 minimum bid requirement for continued listing.
Stirling Cooke and First Ecom.com face NASDAQ de-listing
Bermuda-based insurance broker Stirling Cooke Brown Holdings and offshore-owned electronic payments processor First Ecom.com, which is funded largely with offshore money, face having their shares de-listed from in the first half of 2002 unless their stock prices improve.
They have until February 11 to get their stocks above the $1 minimum bid that is required for continued listing on the NASDAQ National Market.
Lines Overseas Management lists on Bermuda Stock Exchange
Shares of the parent company of Bermuda-based stockbroker Lines Overseas Management were listed for the first time on the Bermuda Stock Exchange on July 24.A statement that the shares had been approved for listing was made on July 20 without any prior public announcement that an application had been submitted.
Insider Talking: June 30, 2001
The First International Bank of Grenada loaned $30,000 to the wife of Grenada's then chief regulator, Michael Creft, so that she could buy a car and another $50,000 to the then President of the Grenada Bar Association, Reynold Benjamin, according to a document sent to OffshoreAlert; Dean Cantrell and Marcel Deinnet snap up domains in names of countries in the Bermuda-Caribbean region, fraud complaint filed against 'offshore banker' Douglas Castle, 72-year-old convicted fraudster is back in business, SEC continues trend of failing to menaingfully punish accused fraudsters, First Ecom.com Inc. acquires half of First Ecommerce Data Services Ltd. that it did not already own, Antigua gaming outfit World Sports Exchange Ltd. sues County Savings Association over three checks that allegedly bounced, First American International Bank becomes latest offshore bank to be operated in Nevis without a license by Global Dominion Financial Services, and Latvia-based Paritate Bank appears to be in financial trouble.
First Ecom.com moves into oil and gas as losses mount
E-commerce firm First Ecom.com, whose principal shareholders include the Bank of Bermuda, clients of Bermuda-based investment firm Lines Overseas Management and various offshore entities, is fast becoming a lemon of gargantuan proportions.
Faced with unrelentingly dire operating results, the firm took the drastic measure in May of announcing that it was using some of the $28 million of capital that it still has left to buy a Nevada-registered oil and gas exploration company called Gasco Energy Inc.
Bank of Bermuda takes $10 m charge
The Bank of Bermuda has taken a $10 million charge in its latest quarterly results to reflect the collapse of its investment in e-commerce firm, First Ecom.com.
First Ecom.com share price falls below $1, jeopardizes NASDAQ listing
Electronic credit card processing firm First Ecom.com, whose plight was highlighted in the previous edition of Offshore Alert, officially became a penny stock during December.
On December 27, 2000, the company's share price fell to just 59 cents on the full NASDAQ system, compared with a high of $34 on the over-the-counter market just ten months earlier.
Offshore shareholders face huge losses after First Ecom share price collapses
A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop.
The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.