Look what I found on the Alberta Securities Commission Web site:
“Calgary-based Teluric International Investments Ltd., the Teluric Diversified Fund, David Humeniuk and Elizabeth Humeniuk have provided an Undertaking to the Executive Director of the Alberta Securities Commission (ASC). The Undertaking comes after ASC staff identified that the parties failed to disclose in a Teluric Diversified Fund offering memorandum information required by Alberta securities laws. No sales occurred pursuant to the offering memorandum, nor are any sales contemplated in the future. The Undertaking states that Teluric International Investments, the Teluric Diversified Fund, David and Elizabeth Humeniuk agree they will cease all trading and refrain from any further trading of Teluric Diversified Fund securities until such time as the Executive Director releases them from this Undertaking.”
Who’s Dave Humeniuk you might be wondering? Why, he was a Director at Concrete Equities of course! Some truly interesting things have been said about the Santa Clara Mexico investment in court documents involving Dave Humeniuk and Vincenzo De Palma (sort of a “he said, he said” thing), and I’m planning on publishing those in the next week or two. Court documents aren’t libel because they fall under Absolute Privilege. Any lawyer reading this knows that. The document relating to the above ASC action can be found here – in short, it says that Dave Humeniuk needed to “Disclose any penalty or sanction (including the reason for it and whether it is currently in effect) that has been in effect during the last 10 years against (i) a director, executive officer or control person of the issuer, or (ii) an issuer of which a person referred to in (i) above was a director, executive officer or control person at the time.”
It seems he didn’t do that, and that’s against the rules.