Here's an excerpt from the December 28, 2012 article in the Vancouver Sun:
"......In 1994, Arakis Energy – which traded on the Vancouver Stock Exchange — acquired control of a very rich oil deposit in Sudan. A few months later, the company announced some unnamed Arab backers had committed $750 million US to develop the project.
This was very good timing for a bunch of private companies that had been prescient enough to buy millions of shares at relatively cheap prices through accounts in the Channel Islands and Liechtenstein, both well-known tax and secrecy havens.
The stock soared, giving those investors – whoever they were – the opportunity to make huge profits, then collapsed when the Arab financing failed to materialize.
Alexander denied he was behind any of those offshore accounts, or that he had sold any shares, but I wasn’t so sure. Neither was the B.C. Securities Commission. It conducted an investigation and found that he had, in fact, secretly sold shares.
In February 1999, Alexander admitted that during the height of the promotion, he had dumped 25 million shares from those offshore accounts without any disclosure to the public. Rather than face a public hearing, he agreed to a 20-year ban from the stock market and a $1.2-million penalty.
How much money he made from his stock sales was never revealed, but it was most certainly in the tens of millions of dollars.
Rather than ride off into the sunset, he continued his stock dealings and, in the process, breached his securities ban. In late 2007, the BCSC fined him another $200,000 and banned him from the market for life......."
I think David Baines is an excellent journalist. I recommend his several other articles that touch on Carlo Civelli.
Oh, and didn't Carlo Civelli have something to do with Arakis and didn't he have dealings with Alexander?