TORONTO, May 6 /CNW/ -In a decision released today, an Ontario
Securities Commission (OSC) panel found, among other things, that
Goldpoint Resources Corporation (Goldpoint), Pasqualino Novielli, Brian
Patrick Moloney and Zaida Pimentel committed fraud through an
investment scheme operating out of Toronto, which took approximately
$1.6 million from 110 investors from across Canada.
The panel found that Goldpoint, Mr. Novielli, Mr. Moloney and Ms.
Pimentel actively promoted and solicited investments in Goldpoint and
traded in securities without meeting the registration or prospectus
requirements under the Act.
The panel also found that Goldpoint made prohibited representations and
used high pressure sales tactics when advising investors about the
future value of Goldpoint securities, contrary to the public interest.
False and misleading statements that Goldpoint had profitable mining
ventures in Ghana were made on the Goldpoint website and in promotional
materials. The panel also found that Goldpoint, Mr. Novielli, Mr.
Moloney and Ms. Pimentel engaged in these acts knowing that Goldpoint
had no underlying legitimate business.
Goldpoint, Mr. Novielli, Mr. Moloney and Ms. Pimentel were also found to
have engaged in unauthorized diversion of investor funds and to have
used a significant portion of this money to fund activities unrelated
to Goldpoint operations.
A sanctions and costs hearing will be scheduled. Documents relating to
this matter are available on the OSC website at www.osc.gov.on.ca.
The mandate of the OSC is to provide protection to investors from
unfair, improper or fraudulent practices and to foster fair and
efficient capital markets and confidence in capital markets. Investors
are urged to check the registration of any person or company offering
an investment opportunity and to review the OSC's investor materials
available at www.osc.gov.on.ca.
SOURCE Ontario Securities Commission
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