TORONTO, Nov. 7, 2013 /CNW/ - The Royal Canadian Mounted Police (RCMP) - GTA Financial Crime Unit, with the assistance of the Federal Bureau of Investigations (FBI), have charged the former President and former Treasurer of Onco Petroleum Inc.
Robert VANIER (57yrs) (Also known as Carl Joseph GAGNON) formerly of London, Ontario has been charged with Submitting a False Prospectus contrary to section 400 under the Criminal Code of Canada, and two counts of Perjury contrary to section 131(1) under the Criminal Code of Canada,
Terry BEATTIE (53yrs) (Also known as Terry RAMAGE) formerly of London, Ontario has been charged with Submitting a False Prospectus contrary to section 400 under the Criminal Code of Canada.
Police allege that VANIER and RAMAGE filed a false prospectus, indicating Onco Petroleum Inc., an oil and gas company, had in excess of US $20 million available for development of its oil and gas resources when it did not. Onco Petroleum Inc. began trading as a public company in November 2007 on the CNSX (formerly CNQ) at $5.00 per share. Its shares had dropped to a value of approximately $0.15 prior to a cease trade order being imposed in July 2008. The company never resumed trading. It has since been delisted from the stock exchange and petitioned into bankruptcy. The shares no longer have value and more than 1400 individual investors have lost in excess of C $30 million.
VANIER and BEATTIE have been arrested and are scheduled to appear to face these charges on November 29, 2013 at Old City Hall court house in Toronto.
"The RCMP and our partner agencies are committed to maintaining investor confidence in the integrity of the public markets" stated Superintendent Dave BELLAMY, the Officer in Charge of the RCMP financial crime units in Toronto. He added "The economic stability of Canada remains one of our main priorities."
The RCMP would like to acknowledge the assistance and cooperation of the Federal Bureau of Investigation (FBI) in this investigation.
SOURCE: Royal Canadian Mounted Police
For further information:
Sgt. Richard Rollings
RCMP Media Relations
"O" Division (Ontario)