Author: Allan Eizenga 51 Beachview St Catharines Ontario Fraudster Language: text
Description: Allan Eizenga 51 Beachview St. Catharines Ontario Fraudster Criminal Convict No Godder Terrible Person He should repay all the m Timestamp: 2013-06-08 02:06:45 +0000
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  1. May 9, 2003
  2. Businessmen charged with fraud in connection with Saxton deals
  3. By KAREN HOWLETT
  4. Posted with permission from The Globe and Mail
  5. Businessmen charged with fraud in connection with Saxton deals
  6.  
  7. Two Ontario businessmen are facing criminal fraud charges in connection with an investment scheme dating back to the mid-1990s that allegedly left investors with losses exceeding $40-million.
  8.  
  9. Mark Allan Eizenga, 38, president of defunct Burlington, Ont., investment company Saxton Investments Ltd., and James Edward Sylvester, 59, were both charged yesterday by Ontario Provincial Police with theft and fraud over $5,000.
  10.  
  11. Mr. Eizenga and Mr. Sylvester were arrested yesterday at their homes in St. Catharines and Woodstock, respectively, and held in custody overnight at the Middlesex County OPP detachment in London, pending a bail hearing this morning, said Detective-Superintendent Rick Kotwa, director of the OPP Anti-Rackets Section.
  12.  
  13. Saxton was founded in 1995 by Mr. Eizenga and sold shares to more than 800 individuals throughout southwestern Ontario over a 3-year period, the OPP said in a statement.
  14.  
  15. Most of the money has disappeared, Det. Kotwa said.
  16.  
  17. The OPP began investigating Saxton in the fall of 1998 after enforcement staff at the Ontario Securities Commission brought the matter to its attention, he said.
  18.  
  19. According to separate allegations made earlier by OSC staff against several individuals involved with Saxton, including the two men, Saxton raised $37-million from investors. The company invested the funds in its operations in Cuba and the Caribbean, where it was developing beverage and food products, the OSC alleges.
  20.  
  21. Investors were misled by being told the investments were "no, or low risk" even though they were described as "speculative" in the offering memoranda, and that the company would soon be listed on a stock exchange, the OSC staff alleges. Mr. Eizenga, the former president of Saxton, and several others face allegations by OSC staff of illegally selling securities without a prospectus.
  22.  
  23. Mr. Sylvester reached a settlement with the OSC in January, 2000, prohibiting him from trading securities for five years.
  24.  
  25. "If we are satisfied with the penalties that arise out of the police matter we might drop our interest entirely," OSC spokesman Eric Pelletier said yesterday.
  26.  
  27. KPMG Inc. was appointed by the courts as custodian of Saxton's assets in October, 1998.
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