ASC Charges Blaine Kennedy and Adam Drybrough (Lucid) with Fraud

[topfiverecords]

http://www.calgaryherald.com/busines...134/story.html

CALGARY — Two men have been charged with fraud for allegedly illegally selling securities in the Lucid Group of Companies, the Alberta Securities Commission announced Friday.
Blaine Russell Kennedy and Adam Gilchrist Drybrough are to appear Nov. 28 in Provincial Court of Alberta to face charges of fraud, making false statements, trading in securities without a prospectus and unregistered trading, it said in a news release.

About time. Now hopefully their attempt to open Belle Starr Saloon on 17th Ave will grind to a halt and they are stopped from their recent ripping off of contractors, trades and suppliers.

[GreatWhiteEbola]

I'm beginning to see a trend, do not invest in anything that is on Talk To The Experts on QR77.

[1stLand]

Yah, don't invest in anything that has a million dollar marketing budget just to attract new investors.

That's probably another good guideline.

What makes me mad is that the media legitimizes these ponzi / fraud schemes by doing opinion pieces on them or allowing them to advertise on primetime telivision (ie: Concrete Equities was the Dragon's Den sponsor).

The Calgary Herald wrote an article in 2008 about the Lucid Figurehead and how he was a 23 'whiz kid' in real estate.

A potential investor would read that article and think that his whole operation would be legitimate.

At the end of the day, these investment fraud schemes sicken me, and the people behind them sicken me more. There is no honor in stealing people's life savings by decieving and defrauding them.

I have more respect for drug dealers.

[Bigtime]

Originally Posted by 1stLand

Yah, don't invest in anything that has a million dollar marketing budget just to attract new investors.

That's probably another good guideline.

What makes me mad is that the media legitimizes these ponzi / fraud schemes by doing opinion pieces on them or allowing them to advertise on primetime television (ie: Concrete Equities was the Dragon's Den sponsor).

The Calgary Herald wrote an article in 2008 about the Lucid Figurehead and how he was a 23 'whiz kid' in real estate.

A potential investor would read that article and think that his whole operation would be legitimate.

At the end of the day, these investment fraud schemes sicken me, and the people behind them sicken me more. There is no honor in stealing people's life savings by deceiving and defrauding them.

I have more respect for drug dealers.

The bolded part grinds my gears too, the Herald had Vinnie "Concrete Equities" De Palma as one of their "Business People of the Year" shortly before that whole house of cards came tumbling down.

[Kjesse]

The good thing to see here is that the ASC charged them in Provincial Court. I don't think that is very common. It suggests the ASC thinks they should go to jail, you don't see that very often in these investment scams. In the Sorenson/Brost matter the ASC fined them millions of dollars but never took them to Provincial Court to seek jail time.

This suggests to me that the ASC has something particularly damning against these clowns. It will be interesting to see. I know someone who lost quite a bit of money "investing" in a Lucid company, he's pretty happy these charges have been laid.