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Game Over Sino Forest
Just released from The Ontario Securities Commission:
IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5 as amended
- and -
IN THE MATTER OF
SINO-FOREST CORPORATION, ALLEN CHAN, ALBERT IP, ALFRED C.T. HUNG,
GEORGE HO AND SIMON YEUNG
TEMPORARY O R D E R
(Section 127(1) & (5))
WHEREAS it appears to the Ontario Securities Commission (the "Commission") that:
- Sino-Forest Corporation (“Sino-Forest”) is a publicly traded Canadian company and a “reporting issuer” in Ontario and other provinces, as that term is defined in section 1(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act");
- Allen Chan (“Chan”) is Chairman and Chief Executive Officer (“CEO”) of Sino-Forest;
- Albert Ip (“Ip”) is the Senior Vice President Development and Operations North–East and South-West China of Sino-Forest;
- Alfred C.T. Hung (“Hung”) is Vice-President Corporate Planning and Banking of Sino-Forest;
- George Ho (“Ho”) is Vice-President Finance of Sino-Forest;
- Simon Yeung (“Yeung”) is Vice President - Operation within the Operation / Project Management group of Sino-Panel (Asia) Inc., a subsidiary of Sino-Forest (“Yeung”);
- Since 2003, Sino-Forest has raised approximately $2.986 billion from public investment and/or debt securities issues including four public offerings between 2004 and 2009 which approximately raised $1.05 billion;
- Sino-Forest has over 150 subsidiaries, the majority of which are registered in the British Virgin Islands and Peoples Republic of China (“PRC”);
- Sino-Forest’s operations are predominately in the PRC and its management has offices in Hong Kong primarily and also in the PRC and Ontario;
- Staff of the Commission is conducting an investigation into the activities and business of Sino-Forest and its subsidiaries and their management;
- The Independent Committee of Sino-Forest has also been conducting an investigation into the activities and business of Sino-Forest and its subsidiaries and their management. As a result, Sino-Forest has recently suspended Ho, Hung, and Yeung temporarily and curtailed Ip’s duties and responsibilities.
- Sino-Forest, through its subsidiaries, appears to have engaged in significant non-arm’s length transactions which may have been contrary to Ontario securities laws and the public interest;
- Sino-Forest and certain of its officers and directors appear to have misrepresented some of its revenue and/or exaggerated some of its timber holdings by providing information to the public in documents required to be filed or furnished under Ontario securities laws which may have been false or misleading in a material respect contrary to section 122 or 126.2 of the Act and contrary to the public interest;
- Sino-Forest and certain of its officers and directors including Chan appear to be engaging or participating in acts, practices or a course of conduct related to its securities which it and/or they know or reasonably ought to know perpetuate a fraud on any person or company contrary to section 126.1 of the Act and contrary to the public interest;
AND WHEREAS, the Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in section 127(5) of the Act;
AND WHEREAS the Commission considers it to be in the public interest to make this order;
AND WHEREAS by Authorization Order made July 14, 2011, pursuant to subsection 3.5(3) of the Act, each of Howard I. Wetston, James E. A. Turner, Kevin J. Kelly, James D. Carnwath, Mary G. Condon, Paulette L. Kennedy, Vern Krishna, Christopher Portner and Edward P. Kerwin, acting alone, is authorized, to exercise the powers of the Commission under the Act, subject to subsection 3.5(4) of the Act, to make orders under section 17 of the Act.
IT IS HEREBY ORDERED that, pursuant to clause 2 of section 127(1) of the Act that all trading in the securities of Sino-Forest shall cease;
IT IS FURTHER ORDERED that pursuant to clauses 7 and 8 of section 127(1) of the Act that Chan, Ip, Hung, Ho and Yeung resign any and all positions that they hold as a director or officer of Sino-Forest or any other registrant and that they are prohibited from becoming or acting as director or officer of an issuer;
IT IS FURTHER ORDERED that pursuant to clause 2 of section 127(1) of the Act that all trading by Chan, Ip, Hung, Ho and Yeung in securities shall cease;
IT IS FURTHER ORDERED that, pursuant to section 127(6) of the Act that this order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission.
DATED at Toronto this 26th day of August, 2011.
So.... Wellington doubling down on Sino Forest shares after they knew the company was fraud was probably not the smartest idea? What excuse do they have for this fiasco.
Or what about billionaire Richard Chander?
Also, as a reminder, how many of these "analysts" who held Sino Forest at a "Buy" as of June 2, or the day of the Muddy Waters report, have been fired?
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My, my, how the mighty have fallen...
How the fuck do you loose $500,000,000 bucks on something like this?
Simple, you just untie it.
Can't wait to see a Muddy Waters "we told you morons" article.
Muddy Waters. Upstanding citizen, patriot.
Here's to you, Carson.
Gan bei!
here's to you ontario sec commission - better late than never like our own sec
I don't know what brand of drink that is, but it looks refreshing!
If it were Talisker 10-year Distiller's Reserve Single Malt Scotch, I could go for a dram.
I have a bottle of 18 year Yamazaki single malt calling my name at home. Perhaps i'll have a dram of it tonight....
I keep trying to tell myself to quit drinking, but every weekend i forget about the previous weekend and just remember how much i love the taste of great drinks.
Youngster. If it's only weekends, you have 20 more years of hard drinking ahead of you.
Cheers!
Muddy Waters is da bomb.
What great analysis they produce.
Almost as good as ZH itself!
BTW ... SPRD (another muddy waters target) is ripe for shorting (again). Just reach in the till and take out a few dollars for yourselves. Be careful though - it's one of the most manipulated stocks on the planet, methinx.
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The only thing the USA manufactures these days is YOUR OPINION !!
how many of these "analysts" who held Sino Forest at a "Buy"... have been fired?
fired? bwahahahahaha. how many have been promoted for getting suckers to buy the stock?
Best tagline ever!
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
muddy waters...
Ask Warren Buffet after today's close.
Ouch....
con men are more renewable than trees
Sino Forest reminds me of the BreX scam in many ways. In 2005, I asked one of my friends if I should play Sino Forest. He suggested that it may offer good trading opportunities, but it was a pure pump and dump play. Like BreX, Sino was likely to be a quick play to separate suckers from money, but the scam far exceeded the expectations of the most optimistic players. What I find amusing is why anyone would invest in any of the chinese fraudcaps in the first instance. A superficial due diligence of their markets would reveal that most listed companies routinely exaggerate assets, conceal blatant conflicts of interest, and inflate earnings. It is just the way they play given rampant government corruption.
Fired? Are you naive TD? Unless I missed your //sarc/ ?
And?
give it a name...
Dogshit?
horseshit
DIPSHIT!
never had this happen to me before... what happens to my short position?
The same thing that always happens. Your children will pay for it.
The same thing that always happens. Your children will pay for it.
If you sold a call, you keep the money.
If you bought a put, you're shit out of luck.
/sarc/
HAHAHAHAHAH - SEE NO FOREST - HAHAHAHAHAHAH.
funny as hell.
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The only thing the USA manufactures these days is YOUR OPINION !!
Lots of porn as well.
that's why our economy is simply jacking off
"Also, as a reminder, how many of these "analysts" who held Sino Forest at a "Buy" as of June 3, or the day before the Muddy Waters report, have been fired?"
analysts positive reccos are a very good contrary indicator when a security is going down, their customers shorted the stock on the way down and now they need to unload the stock to the stupids that actually trade using the analysts.
well done Tyler, and muddy
Tiimmmmmmbbberrrr, bitchez!
Can't wait the resume of operation to Short Sino forest.
Oh... maybe I won't be allowed to short a penny stock ...
But does the delegation from China still get to keep the Wu Tang Clan?
The game of chess, is like a swordfight
You must think first, before you move
Toad style is immensely strong, and immune to nearly any weapon
When it's properly used, it's almost invincible
But SPRD, which MW suggested could be another fraud is still at $16. Higher than the price on the day before MW issued its open letter.
Impossible. Wasn't everyone just falling overthemselves about how awesome the Canadian banking sector was? Those guys know what they are doing obv!
You should have seen the stink the Canadian MSM made when this report came out.
"Oh, Sinoforest has been doing business in Canada for all these years. It is obvious that these allegations are false... Blah blah blah."
ZH information gets the Canadian MSM in as much of a tizzy as the US MSM. I think the reason for the Globe and Mail 'attack' on ZH was carried out because of Sinoforest as well.
all these banks that are concentrating in Asia particularly China must now start scrambling. How many of these duds have they fought each other to finance? HSBC?
I'm sure Tyler was busy and just forgot, so
TIIIIIIIIIIIIIIMMMMMMMMMMMMMMBBEEERRRRRRRRRRRRRRRRRRRRRRRRR!!!!!!!!!!!!!!!!!!!!!!!!!!!
ok Larry,
I am trying to find a clip of a cartoon we use to watch as kids...it is the one of a dog- cant remember his name- but he is trying to kill some other character by cutting down a tree...he cuts it so it is about to fall....then takes the innocent look with his hands behind his back.
The funny part of it is he is like TIMMMM....ber. The tree falls on him but the sound of the voice is classic....the BER! is so nasaly it is hilarious...like it should be..the TIM is in regular voice but the BER is really as if the tree fell on him.....
it's hilarious and I cant find it....
RUN FOREST RUN!
Or even better:
<singing> Ohhhhh, I'm a lumberjack and I'm okay...
Is it time to break out the:
DOW 10K hat again?
Black Swan :)
might be prudent to buy (hedge for gold going down hard after bernank) a few gll calls
Gold will still recover nicely after chasing out the trader/speculators....remember, we have NOT printed any LESS no matter what the clownass says today.
Sheep it is ok to sell high and buy back more low..
the more Gold You have! the happier I and all the rest of the fight club family will be!
More Gold for us and less for them! use the system to your advantage..
I never sell everything, the most I pay with is 25%.. 25% being sold is my MAX! but use whatever amount you are comfortable with..
How many oz.'s of gold needed to be sold at $2,100 an eagle to pick up a free Eagle at $1850?
why not do that in multiples of 5 or ten oz.'s? free gold for you and less for them!!
FUCK THE BANKSTERS!! use there bullshit for your benefit!! you can do $10k - $20k easily with very little risk to you and you dont need pay anyone to handle it.. it is good to get out and meet some gold dealers face to face in your local.
My Best to You and Yours SheepDog-One, JW
Agreed, look at how far it's fallen post speech.
Oh, wait.
It was trading at $4.81 yesterday? Can somone say 'dumb f'king money'?
Robo and Leo probably own it.
Havent seen Leo in a while.....but i dont miss him that much since Roubini has taken up his place...
<-------- Roubini Teaches Young People how to fuck up multi-generational wealth becuase he has NO! Money of his own to back up his teachings with!
<-------- You like Roubini and finger painting with your own shit.
Tyler says Roubini 20 year old (daddy issues) girl friend (who blocked me on Twitter 2 days ago) seems to know have a thing for Tyler as well.
I think we all should take the time to let Roubini know what we think of him and Greenspan / Krugman and / or add your least favorite lying sack of shits name here ________________ .
Fight Club makes money and tells the truth!
Fuck polite I want performance!
It only took regulators three months after the crash to figure out that something might be amiss. Great job!
No surprise to us here. We had a very early heads up. Never touch those anyway.
In all fairness, the BMO guy had it at Market Perform.... That may prove to be a very good call....
SI
NO
Forest
I see no forest yeah
Only slightly dumber than buying the 10 year at 2.23%.
or gold at $1900?
the bond market will tell where the big money is going in about 5 minutes, follow agg, tbt.
Well not into bonds.
Looks like money doesn't grow on trees.
GORO under surveillance:
http://thestreetsweeper.org/undersurveillance/Will_GORO_Ever_Find_That_Magic_Pot_of_Gold_
Sino forest raised $3.05B in capital over the years.
Wonder if the millions in fees paid to the above noted banks/brokerdealers for their buy ratings will be returned to investors as a mea culpa?
You are so cheeky today. :)
That was a FANTASTIC! FUNNY!! I needed that! Score one Lizzy!
surely you jest!
What I wonder is how much it cost Sino Forest to get a place on these firms' buy lists?
"Wellington, a closely held partnership founded in 1928, serves as an investment adviser to more than 1,950 institutions in 50 countries, according to its website."
Those 1950 institutions might want to consider changing advisors.
bravo muddy waters...bravo
When you talk numbers, make sure that you also talk unit. People get excited too quickly.
They should look closely at Richard Chander's statements after June 2nd as well. Either the guy is a complete idiot or he's pumped the stock because he was heavily invested and needed the upside to sell-out. Officially he says he's been buying the stock but there's no proof of that unless they go through is trading records. Good luck with that when most of the trading on this POS was definitely out of reach of authorities.
Disclaimer: I could see the non-existing contract forest for the Muddy Water trees.
Whoopsie LOL
The Globe and Mail attempts to identify Canadian stocks billionaire investor Warren Buffett might buy in its Friday, Aug. 26, edition. The Globe's John Heinzl writes in the Number Cruncher column that Mr. Buffett aims to buy solid businesses at "fair" prices and often holds stocks for decades, Coca-Cola and American Express being two examples. He summed up his investing philosophy in his 1996 letter to Berkshire Hathaway shareholders: "Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily understandable business whose earnings are virtually certain to be materially higher five, 10 and 20 years from now. Over time, you will find only a few companies that meet these standards -- so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines. If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes." Stocks The Globe believes fit Mr. Buffett's investing criteria are Bird Construction ($10.55), Home Capital Group ($47.19), Sino-Forest ($4.81), Alimentation Couche-Tard ($28.60) and Saputo ($38.48).
well done Zerohedge, now
only a hundred plus other
entities listed on exchanges
from the same region that
need the same evaluation
Block says Sino Forest is going to zero and that he's still short.
http://www.youtube.com/user/Bloomberg#p/u/3/tODjS8KM_Qs