Oversight? What’s That?
Flamingo Capital Inc. and Flamingo Management Inc. have had their financial wings clipped here by the province’s securities regulator after 10 Quebec investors lost an estimated $330,00 U.S. to the Barbados-based firms. The Autorité des marchés financiers has filed a total of 123 charges under the Quebec Securities Act against both companies and seven individuals involved with them. It will seek more than $1.7 million in fines if the parties are convicted.
…Flamingo has no operations in Canada. Flamingo Capital and Flamingo Management have been charged with 16 and two counts respectively of selling investments without a proper prospectus and could be fined as much as $450,000 if found guilty.
… read the full article in the Montreal Gazette (link here)
Investment scams are common in North America.
These people were literally wined and dined and scammed by little Madoffs and Stanfords.
“Potential investors were invited to meet with Flamingo representatives in Laval and Longueuil restaurants.”
Written by STARCOM Network News
Wednesday, 04 March 2009
Barbados may not be a money laundering country like Britain, Switzerland, Antigua, CANADA, the Bahamas or the United States, but it is on Washington’s watch list.
Barbados for sale.
Front page of today’s Advocate.
Page 14 of today’s Advocate.
“Canada’s economy is expected to slip further into recession after notching its worst down-turn in nearly two decades.
The Canadian economy has significant problems but is in a position of strength compared to other nations that have been hit even harder, Prime Minister Stephen Harper said on Monday.
consumers face a barrage of media messages warning them to cut spending, reduce debt, increase savings and batten down the hatches to brace for the deluge. And we’ve been following that advice.”
Barbados is in for a rough ride.
Who are the principals of these companies?
If it is the same company there appears to be a SEC Form 8-K out of Salt Lake and a presence in Boca Raton Florida.
Needless to say, with most of these shell instantly collapsible companies, there is nothing about the principals and basic financial information.
There is a related article linked to the main article that names 7 people that have been charged.
The Montreal GAzette says “Flamingo Capital Inc. and Flamingo Management Inc. have had their financial wings clipped here by the province’s securities regulator after 10 Quebec investors lost an estimated $330,00 U.S. to the Barbados-based firms.”
Are these firms registered in Barbados?
If you search the Corp Affairs online database on the name Flamingo, neither of these entities show. I would take that to mean that the companies are in fact not registered in Barbados.
Thanks. This is interesting.
Meaning what? The firms were working out of Barbados but are registered somewheres else?
Need more info!
Yes, we do need more info! I am sure we will get it too. Can you provide any?
google shows
Located At Graeme Hall Christ Church, Barbados And Listed Under
International Business Companies Category.
Flamingo Capital Inc
Graeme Hall Christ Church,Barbados
Tel. #: 418-7003
well,well,well.
apologies to reality check. I thought you were just spinning a story and then I decided to google.
http://www.thebiznizdir.com/Barbados/B73/Flamingo_Capital_Inc-Christ_Church.php
fuh real? fuh true?
Hants
I don’t have time to spin stories. You only end up forgetting which lie you told last.
I leave that to the politicians and bureaucrats who have spent the last thirty years perfecting “the art of doing nothing” while spending the peoples money.