Belgravia Capital International Inc. filed a complaint with the Ontario Securities Commission in relation to breaches of the Securities Act committed by Tartisan Nickel Corp. CEO Mark Appleby.
President and CEO Mehdi Azodi said Belgravia found a number of unusual share registrations among the shareholder lists of Tartisan, and it was unable to be correlate the information to the insider reports of Appleby and other shareholders of Tartisan.
Azodi further said the company had also investigated other secondary market transactions and voting patterns undertaken by shareholders known to Appleby, both before and after Belgravia had invested in Tartisan.
The company said Sept. 4 that from the investigation, it concluded that Appleby may have divested funds away from Tartisan and may not have filed insider reports.
Moreover, the company believes he failed to make adequate and timely disclosure of a lawsuit filed by Belgravia, prior to which Appleby may have tipped at least one third party allowing it to avoid losses on the sale of its shares.
Recently, Belgravia asked the Canadian Securities Exchange to review Tartisan's compliance with the bourse's continued listing requirements.