Wow, this one is complicated. It’s an American scam that went into hiding in Canada when the SEC investigated them: http://www.404.gov/litigation/litreleases/lr18446.htm
It involves a prominent Canadian parliament lawyer committing massive fraud and getting 10 years in prison: http://www.cbc.ca/canada/edmonton/story/2006/10/31/ritter-sentence.html
The founder of the scam, Larry Osaki got 20 years in prison: http://friendsoflarryosaki.com/ for creating a scam of a company that didn’t exist but rose and fell based on hype just like Bre-X also run out of Alberta: http://finiansworld.blogspot.com/2008/10/bre-x-and-stornoway.html
The story was on TV tonight and was one of the biggest fraud cases in Canadian history. Turns out that the Canadian parliament lawyer even lied about his law degree. I kid you not. Ritter was also tied to money laundering for Dan Gordon who had stolen $40 million from Merrill Lynch in New York: http://www.usatoday.com/money/industries/brokerage/2003-09-03-gordon_x.htm
That was an interesting case all on it’s own. Take a look at the dates. "Daniel L. Gordon's carefully crafted image as a Wall Street whiz kid began unraveling on March 15, 2001. That day began as a career capstone for the tall, lanky Gordon, who had built Merrill Lynch's energy-trading business from scratch two years earlier and elevated it into one of Wall Street's leaders"
Here we have another scam directly related to the privatization of US Energy just like Enron. The case began to unravel on March 15 2001. Less than six months later, the third tower fell in New York City, the one that was not hit by any plane that contained CIA and military records as well as Wall Street watchdog information about Enron and you guessed it the Merrill Lynch energy-trading scam.
What am I trying to say? I’m trying to say the corporate corruption has followed a pattern. The stock fraud was linked to Canada. The privatization of energy fraud was linked to America. The investigation of those frauds was linked to the suspicious fall of the Third Tower in New York City. It doesn’t take a brain surgeon to do the math and see how deep the rabbit hole goes.
The moral of the story? The public has every right to be concerned with privatization and deregulation of their energy and natural resources. The public has every right to be concerned about the lack of public accountability in the stock market especially when they are asked to spend trillions of dollars to bail out scams and fake stocks.
Indeed Michael Ritter is a very bad man but he isn’t the only one.
http://finiansworld.blogspot.com/2008/12/mortgage-sex.html
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