The British Columbia Securities Commission (BCSC) issued a statement August 31, saying it is dismissing allegations against Forum National Investments Ltd., and its CEO, Daniel Clozza, after alleging that Clozza had directed the company to issue false or misleading press releases and alleging that he also hired a stock promoter to assist him in manipulating the price of Forum shares.
According to the BCSC, Forum was incorporated in British Columbia with its shares trading on an over-the-counter bulletin board market in the United States. In its amended notice of hearing, the BCSC also alleged that Clozza directed at least one Forum shareholder to cross-trade 560,000 Forum shares through the market, instead of transferring the shares privately.
“The panel wrote that the evidence was insufficient to support a finding that Forum or Clozza engaged in conduct that they knew or reasonably should have known, resulted in or contributed to a misleading appearance of trading activity in, or an artificial price for Forum shares,” the BCSC states. “The panel also dismissed allegations that Clozza had made false or misleading statements to the BCSC in a sworn affidavit due to lack of evidence.”
