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     ingot54
Member
Username: ingot54
Post Number: 1839
Registered: 05-2004
Rating: 
Votes: 3
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| | Saturday, April 21, 2007 - 01:54 am: |  
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Found a unsolicited letter in my mailbox concerning Iron Mountain Mining.
"Iron Mountain" was registered in Sydney as "Iron Mountain Ltd." They moved to Perth in Feb 2005 and changed the name to "Iron Mountain Mining Ltd".
Their main tenement is "Blythe Project" based South of Burnie in Tasmania. It has Iron - Copper - Gold Resources.
They are in a JV with listed company Red River Resources.
Mr.David Zohar is the Executive Director of Red River and also a major shareholder and a Director of of Iron Mountain Mining Ltd.
All sound sweet? Yes? They advised me in the letter that they have allocated me $5000 of shares @ $0.20 (25,000) with accompanying free options (12,500 from memory).
So after doing a teeny bit of research, I have discovered that Mr Zohar has come to the attention of ASIC in the past, and has been the subject of some court orders.
The court orders were not too damaging, because here he is back in a legitimate business ... apparently.
_____________________________________________________________________________
05-273 Unlicensed financial services business stopped in WA
Tuesday 13 September 2005
The Australian Securities and Investments Commission (ASIC) has obtained permanent injunctions, by consent, against Swancove Enterprises Pty Ltd (Swancove) and Mr David Zohar preventing them from operating an unlicensed financial services business.
Mr Zohar is the Managing Director of Swancove, a venture capital company based in Perth, Western Australia.
ASIC obtained the orders in the Federal Court in Western Australia following an investigation into the activities of Swancove.
Swancove and Mr Zohar consented to:
- a declaration that Swancove carried on a financial services business by making representations intended to influence persons to acquire shares in a company associated with Mr Zohar without holding an Australian financial services licence (AFSL);
- a declaration that Mr David Zohar was knowingly concerned in Swancove’s unlawful activities;
- permanent injunctions that stop the company and Mr Zohar from making representations or being in any way concerned in or a party to any other person making representations to influence persons to acquire shares without holding an appropriate AFSL; and
- sending notices to subscribers informing them of Swancove’s contravention and an offer for the return of monies.
‘ASIC has taken this action to protect the interests of consumers’, ASIC’s Deputy Executive Director of Enforcement, Mr Mark Steward said.
‘Consumers should be aware there are laws which regulate the operation of a financial services business and the people who conduct these businesses must be appropriately licensed’, Mr Steward added.
ASIC was awarded costs in the matter.
Background
These proceedings follow an ASIC investigation into written advertisements containing recommendations intended to influence people to acquire shares in:
Red River Resources Limited
Corella Oil Limited and
Australian Biogen Limited.
Mr Zohar is a director of these companies.
Between July 2003 and August 2004, Swancove used a bulk mailing company to send unsolicited letters to over 55,000 persons offering shares in the companies.
_____________________________________________________________________________
Initially I thought the Iron Mountain Mining offer was too good to be true - Free Options!
I thought I must have given permission to be advised of new IPO's.
Now I am thinking otherwise - I'll be giving Iron Mountain Mining a wide berth.
Posted in the public interest in case more Incredible Charts members have been receiving unsolicited offers from Iron Mountain Mining.
DYOR pays.
(Message edited by colin_twiggs on November 15, 2007)
(Message edited by colin_twiggs on November 16, 2007)
Keep Smiling - Don't look back
Trading style: Chartist Artist _ Breakouts and Shakeouts.
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davkell
Member
Username: davkell
Post Number: 498
Registered: 07-2004
Rating: N/A
Votes: 0
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| | Sunday, April 22, 2007 - 12:43 am: |
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Yep, my wife got one too. I thought it was via Sanford as she has an account with them.
"Trade Your Way To Financial Freedom" - Van K Tharp
"Manage the downside; the upside will take care of itself" - Donald Trump
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hershy
Member
Username: hershy
Post Number: 1976
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Wednesday, April 25, 2007 - 09:10 am: |
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And me.
"The safest way to double your money is to fold it over and put it back in your pocket."
http://members.optusnet.com.au/~hershy/
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 3047
Registered: 09-2002Rating: N/A
Votes: 0
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| | Wednesday, November 14, 2007 - 02:35 pm: |
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I have received a complaint from David Zohar. He says that the ASIC announcement is correct but that Iron Mountain Mining Ltd did not send unsolicited mail offering shares for subscription.
Do any of you still have a copy of this letter? If so, please fax to me at (07) 5563-2766.
Regards,
Colin
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ingot54
Member
Username: ingot54
Post Number: 2002
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 14, 2007 - 03:17 pm: |
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Colin
Naturally I destroyed the rubbish.
I was actually thinking of putting in my own complaint because I have only ever given Commsec permission to email me (not post) IPO offers.
I would be interested in Mr David Zohar explaining to me Where he obtained my permission to send me this UNSOLICITED "offer" and if he can in fact produce this permission for me to view as bona fide.
I feel the onus is on HIM to show that he had my permission to send me an offer, rather than on me or others to show that they have in fact received an unsolicited offer.
Frankly, these people send this stuff out, and when they get caught out, they cry "foul". I was quite miffed to think someone was cheeky enough to proposition me for stock purchases - I thought it was a con at first, and simply threw the letter away.
But warning others to be wary of unsolicited offers is not a felony.
I don't see what Mr Zohar has to complain about.
If it is a matter for ASIC that Mr Zohar NOT send out unsolicited offers, then I can understand he would be shaking in his boots.
I would like to ask him how he got my address and my name, and how he thought I might be a person interested in stocks and shares?
It is an easy matter to check out IC forum for member's profiles, and then do a search of the electoral roll for the address!
Sorry Colin - not the reply you asked for - but this is really cheesing me off now.
This guy has poise ... no doubt about that!
(Message edited by colin_twiggs on November 15, 2007)
Keep Smiling - Don't look back
Trading style: Chartist Artist _ Breakouts and Shakeouts.
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 3048
Registered: 09-2002Rating: N/A
Votes: 0
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| | Thursday, November 15, 2007 - 12:19 pm: |
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Mr Zohar is threatening legal action so I have removed any statements that may be open to dispute.
Warning readers of unsolicited offers or dubious stock promoters is a public service that I do not want to discourage, but it would be appreciated if you forward a copy of any such offer to ASIC so that it can be properly investigated.
Regards,
Colin
(Message edited by colin_twiggs on November 15, 2007)
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 3049
Registered: 09-2002Rating: N/A
Votes: 0
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| | Friday, November 16, 2007 - 09:02 am: |
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An examination of ASIC records shows that the company was registered in Perth and should not be confused with Iron Mountain Ltd (formerly Iron Mountain Pty Ltd).
David Zohar wishes to emphasize that the ASIC injunction against Swancove and David Zohar is unrelated to Iron Mountain Mining Limited, of which he is Director and Company Secretary.
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ingot54
Member
Username: ingot54
Post Number: 2004
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Friday, November 16, 2007 - 09:23 pm: |
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Thank you for clearing that up Colin.
I am appalled actually that my alert has reflected back on this forum.
I am not in the habit of making things up, but I am in the habit of disregarding unsolicited offers which already advise me that I have been allocated a specific dollar value of shares and a specific dollar value of options in a company.
I am also appalled that this matter has put Incredible Charts on the defensive, when the initiation of the alert was an act of defensiveness against offers which were unwanted.
I apologise to you and to the forum for any stress or adverse publicity this may have attracted.
I also apologise unreservedly to Mr David Zohar if it can be shown that I have stated other than the facts surrounding an offer to me to take up an unwanted allocation in a company with which he is concerned.
Mr Zohar's dealing with ASIC is a matter of the public record, and I am sure he has had his opportunity to defend himself in regards to that.
It is becoming commonplace in our society for people to be put on the back foot when alerting others to be vigilant when dealing with unsolicited offers - especially when there may be a history of not insignificant involvement with regulators.
Suddenly the perpetrator becomes the respectable, the indignant and the victim. The plaintiff becomes the defendant.
The initiation of the act under question (an unwanted offer) becomes secondary to the issue, lost in the argument pertaining to the reaction/response to the original act - ie an unsolicited offer to invest money or take up an allocation of an interest in an unknown company - specifically an IPO.
I note that the use of names of floats which resemble names of respectable companies which have already proved themselves over many years, is becoming commonplace. It is quite possible that at times the public might associate one name with another, and assume there is a link.
This could be seen as beneficial, at times, to one of the companies, but to the other it may be anathema. Yet the second company, though aggrieved by the copy-cat, would have NO recourse because of subtle differences in the Registered name.
We have seen a proliferation of business names copycat-ing already-successful ventures eg "BBQ's'R'Us" - "Lawnmowers'R'Us" - "Sheds'R'Us" and so on (These are fictitious, as far as I am aware - but it is possible that they may already exist somewhere, and I apologise in advance if I have plonked on an existing business name. No mal-intent exists.)
I do not wish to aggrieve any individual - I simply wish to be allowed to proceed with my own interests and seek my own investments, if any, without the distraction of unwanted advances.
But I wish to retain the freedom to speak up when I am being offered an allocation or interest in stocks/options in a company of which I previously had no knowledge, and from which I had not even received nor read a prospectus.
As Incredible Charts is a forum which has a membership historically concerned (in part) with such issues, I feel it was quite appropriate to caution fellow members regarding an unsolicited offer.
I sincerely hope my details have now been removed from any database from which that offer to me has come.
Finally I hope my posting has not reflected badly on Incredible Charts.
The character of my previous postings does not display mal-intent, and I have not deviated from my usual bent to purely learn, inform, educate, support and discuss issues relating to trading and Technical/Fundamental Analysis.
I will not be taking any action against any company sending unsolicited allocations/offers, other than to alert others to the fact, and doing what I did with the first offer - putting it in the recycling bin.
Keep Smiling - Don't look back
Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison
Loss and failure are inevitable but misery is optional
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 3051
Registered: 09-2002Rating: N/A
Votes: 0
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| | Saturday, November 17, 2007 - 06:54 am: |
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I note that the use of names of floats which resemble names of respectable companies which have already proved themselves over many years, is becoming commonplace. It is quite possible that at times the public might associate one name with another, and assume there is a link.
Can anyone cite any examples?
The ASX should not allow this.
Regards,
Colin
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ingot54
Member
Username: ingot54
Post Number: 2005
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Saturday, November 17, 2007 - 09:57 am: |
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Colin
It is possible that I may still have my letter.
It will involve a bit of a search through my files. I distinctly remember keeping it on my desk, and turned it over to write down the results of some stock scans plus web addresses etc purely as a piece of blank notepaper.
As I tend to hoard such stuff, it is probably still in my "desk stuff" thrown into a carton when we recently moved house.
I estimate about a 60% chance I do have the offer letter.
I will fax it immediately I am able to locate it.
This may raise other questions - how did my name get on their database?
How can I get it removed?
What action is available to me under the Privacy Act?
Can I request a search be made of a company database to ensure my details have been cleared?
How can I be certain my details have not been on-sold to other companies which may present me with similar irritating offers, or worse, misuse my private details for unknown purposes?
You can be certain I will leave no stone unturned to find my letter. I also have contacts elsewhere who told me they also received a letter of offer, which had similar or identical offers of $5000 of shares @ $0.20 (25,000) with accompanying 12,500 free options.
In the meantime I will be contacting the others to see if they have their letters filed somewhere. These were the figures stated in the letter - hard to make up something like this, as the company had not floated, and this information could only have come into my possession through a letter which contained it all.
How else would I know, at the time I posted the first post in this thread (21/04/2007) that there were 12,500 free options attached? Or that $5,000 shares @ $0.20 were "reserved" for me?
This is becoming more interesting, and will certainly be worth pursuing further if I do find that letter.
Keep Smiling - Don't look back
Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison
Loss and failure are inevitable but misery is optional
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 3053
Registered: 09-2002Rating: N/A
Votes: 0
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| | Saturday, November 17, 2007 - 12:01 pm: |
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Thanks Ivan,
Mr Zohar now refuses to discuss any further details of the letter. I have asked him to re-consider as his refusal is likely to arouse suspicion as to the authenticity of his claims.
Recovering a copy of the letter would help us get to the bottom of this.
Regards,
Colin
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ingot54
Member
Username: ingot54
Post Number: 2006
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Saturday, November 17, 2007 - 08:24 pm: |
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That is a shame Colin.
It would be a simple matter to clear up if the origins of the letter could be discussed with a rationale for how it came to be in my hands in the first place.
In any case, my offer of full and unreserved apology to Mr David Zohar still stands, if it can be shown that I have stated other than the facts surrounding an offer to me to take up an unwanted allocation in a company with which he is concerned.
At the time of the original post (April this year) there were the three IC members who are mentioned in this thread, plus three others elsewhere that I discovered.
The other three had also received a similar offer concerning a company named "UOG" which I have not bothered to research at this stage. I did not get an offer concerning UOG, which makes me think I was not on a mailing database at that time. The other three people apparently were, and they stated that their letters were unsolicited.
Is there anything to be gained by my taking this to ASIC myself?
I can supply details of the other three people, and it might be possible to uncover more people, if I sent a couple of emails.
I am offering to do this, publicly or privately.
However, if Mr David Zohar is satisfied that no mal-intent existed, and my post was to alert people that unsolicited offers were in circulation, then I may not | |
