By Otto Rock
Here at IKN, we’ve been following the so-called “BridgeMark Group” scam ever since it was announced by the BCSC. This first post, then subsequent follow-ups (e.g. here, here and here) covering a few of the angles are testimony to our obvious interest, because this is just about the first time that the BCSC has lifted more than a single finger to do something about the cesspool it governs over in Vancouver’s capital markets.
As it happens, that first post in the series was entitled, “Here’s hoping the BCSC goes after TSX companies as well, not just CSE“, which brings us to the point of today’s post. This humble corner of cyberspace has received word (which checks out somewhere else) that the BCSC was not the instigator of the investigation that has brought us to the BridgeMark group. It all started a few weeks ago when the US OTC market authorities, via US FINRA, brought the whole Canadian cheque swap/consulting contract scam to the attention of the US SEC. It appears that the OTC is trying hard to clean up its act (probably forced to by ever-stricter vigilance from The SEC) and has serious doubts about many of the Canadian juniors listed therein. At that point the SEC called the BCSC, along with the OSC and ASC and “asked” (i.e. ordered) them to do something about it. What results so far is the announcement of November 27th pointing the finger at the 11 companies in cahoots with the 26 or so persons or entities covered by the moniker ‘BridgeMark’, but last month’s announcement really is just the tip of the iceberg and that the BCSC Enforcement Action is still months away.
What this means is that the investigation is ongoing. It also means that, as the SEC is the driver of this and not the BCSC, the BCSC society of chums is not going to be able to protect its crooked pals who have run the TSXV into the ground through their criminally greedy activities. This investigation will not stop at the CSE, I am reliably informed, and 2019 may well be the year when the whole rotten edifice of the Canadian capital markets comes crashing down.
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