Vancouver regulators raid boiler room that promoted stock of Brek Energy
A raid on an alleged boiler room in Vancouver is further evidence that the Bank of Bermuda may have been conned out of $14.3 million when it invested in First Ecom.com Inc.
Canadian regulators raid boiler room
Canadian securities regulators and armed police have raided a Vancouver boiler room operation closely linked with Brek Energy, whose offshore investors, including the Bank of Bermuda and clients of Lines Overseas Management, have lost tens of millions of dollars in
Self-dealing CEO Gregory Pek retires from Brek Energy
Canadian national Gregory Pek has retired as President and CEO of loss making Brek Energy, formerly First Ecom.com, and been replaced by 57 year old Richard Jeffs.Pek stepped down only a few months after overseeing Brek's purchase for $770,000 of
Brek Energy fiasco continues, more losses and restated earnings
The farce that is Brek Energy continued in August with the reporting of yet another quarterly loss and a restatement of previous earnings because the firm had classified some expense as revenue.Brek, into which the Bank of Bermuda and clients of Bermuda-based Lines Overseas Management invested in excess of $28 million, reported a net loss of $3.4 million for the quarter ended June 30, 2002.
Brek Energy – past allegations against CFO
OffshoreAlert has uncovered further information casting doubt on the legitimacy of Nasdaq-listed Brek Energy, whose dismal operating results caused the Bank of Bermuda to write off its entire $14.3 million investment.We have obtained details of allegations of impropriety against the firm's Chief Financial Officer in 1995 relating to a former employer.
Suspicious trading in shares of Brek Energy, formerly First Ecom
Stock manipulation or a happy coincidence? That is the unanswered question surrounding the recent share activity of perennial loss-maker Brek Energy, formerly First Ecom.com.For more than ten months, the firm's shares had closed at below $1 on the Nasdaq National Market System in breach of the Exchange's $1 minimum bid requirement for continued listing.
First Ecom.com moves into oil and gas as losses mount
E-commerce firm First Ecom.com, whose principal shareholders include the Bank of Bermuda, clients of Bermuda-based investment firm Lines Overseas Management and various offshore entities, is fast becoming a lemon of gargantuan proportions.
Faced with unrelentingly dire operating results, the firm took the drastic measure in May of announcing that it was using some of the $28 million of capital that it still has left to buy a Nevada-registered oil and gas exploration company called Gasco Energy Inc.
First Ecom.com share price falls below $1, jeopardizes NASDAQ listing
Electronic credit card processing firm First Ecom.com, whose plight was highlighted in the previous edition of Offshore Alert, officially became a penny stock during December.
On December 27, 2000, the company's share price fell to just 59 cents on the full NASDAQ system, compared with a high of $34 on the over-the-counter market just ten months earlier.
Offshore shareholders face huge losses after First Ecom share price collapses
A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop.
The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.