OSC Panel Finds Goldpoint Resources Corporation, Pasqualino Novielli, Brian Patrick Moloney and Zaida Pimentel in Breach of Ontario Securities Act

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

For further information:

For Media Inquiries: 

Wendy Dey
Director, Communications & Public Affairs
416-593-8120


Carolyn Shaw-Rimmington
Manager, Public Affairs
416-593-2361


Dylan Rae
Media Relations Specialist
416-595-8934
For Investor Inquiries: 

OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)


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