and this.....
From AM Costa Rica:
Canadian stock scam leads to police search here
By the A.M. Costa Rica staff
Investigators descended on a Sabana Sur office building Wednesday in search of clues to the location of an estimated $40 million that is believed to be part of a major scam that took place within a religious sect in Canada.
The agents searched Costa Rica International Sport and plan to continue search today seeking documents. Agents also said they were looking into a corporation called Montaña Mágica del Sur that was believed connected to the betting company.
There is no statement by police that said the betting company did anything wrong, only that information is being sought and that the firm might have received money from Canada.
The building searched recently opened and had been in construction for at least two years. It is just a block west of the towering Contraloría de la República building.
Agents also said they have frozen more than a million dollars in accounts at Costa Rican national banks that are believed to be involved with the Canadian case. In fact, it was inquires from the bank security officers that provided police with information about the links between Costa Rican and Canada.
The Canadian case centers on Salim Mohammen Damji, who has been identified as a dentist in Ontario, Canada. For several years Damji offered shares of stock in his firm, Strategic Trading Systems Instant White and Jem Holdings.
Investigators said that he violated a number of
security laws and also promised returns to investors up to 2,000 percent. The stock he sold was not registered, was not accompanied by a prospectus and was marketed by unregistered persons, according to a court complaint in Ontario.
A filing with the Ontario courts seeking to recover some of the money said that communications by Damji were primarily made to persons of the
Ismaili faith, an Islamic sect.
"The Ismaili community is a close knit one and the communications were made by Damji with the intention that they would be repeated in the community by investors and brokers, lead to others in the community becoming aware of the representations and lead to others relying upon the representations in their investments," said the complaint.
Investors were told that the company manufactured a teeth whitener and would soon go public, only to be snatched up by Colgate, the toothpaste giant.
Canadian news reports said that perhaps as many as 6,000 investors all over the world put money into the company beginning in August 2000. Canadian police arrested Damji April 28, and the search is now on to locate the company’s assets. Police said they believe the total amount obtained by STS Instant White was about $100 million.
From AM Costa Rica:
Canadian stock scam leads to police search here
By the A.M. Costa Rica staff
Investigators descended on a Sabana Sur office building Wednesday in search of clues to the location of an estimated $40 million that is believed to be part of a major scam that took place within a religious sect in Canada.
The agents searched Costa Rica International Sport and plan to continue search today seeking documents. Agents also said they were looking into a corporation called Montaña Mágica del Sur that was believed connected to the betting company.
There is no statement by police that said the betting company did anything wrong, only that information is being sought and that the firm might have received money from Canada.
The building searched recently opened and had been in construction for at least two years. It is just a block west of the towering Contraloría de la República building.
Agents also said they have frozen more than a million dollars in accounts at Costa Rican national banks that are believed to be involved with the Canadian case. In fact, it was inquires from the bank security officers that provided police with information about the links between Costa Rican and Canada.
The Canadian case centers on Salim Mohammen Damji, who has been identified as a dentist in Ontario, Canada. For several years Damji offered shares of stock in his firm, Strategic Trading Systems Instant White and Jem Holdings.
Investigators said that he violated a number of
security laws and also promised returns to investors up to 2,000 percent. The stock he sold was not registered, was not accompanied by a prospectus and was marketed by unregistered persons, according to a court complaint in Ontario.
A filing with the Ontario courts seeking to recover some of the money said that communications by Damji were primarily made to persons of the
Ismaili faith, an Islamic sect.
"The Ismaili community is a close knit one and the communications were made by Damji with the intention that they would be repeated in the community by investors and brokers, lead to others in the community becoming aware of the representations and lead to others relying upon the representations in their investments," said the complaint.
Investors were told that the company manufactured a teeth whitener and would soon go public, only to be snatched up by Colgate, the toothpaste giant.
Canadian news reports said that perhaps as many as 6,000 investors all over the world put money into the company beginning in August 2000. Canadian police arrested Damji April 28, and the search is now on to locate the company’s assets. Police said they believe the total amount obtained by STS Instant White was about $100 million.
