Evidence reviewed by a financial crime analyst, in connection with assertions, by a client, that Leon Frazer & Associates, Inc., retired Chairman of the Board of Directors, William Tyunkaluk, did have possession of the client's missing stock certificates, valued at over $10m, has confirmed that Tynkaluk committed perjury, in his recent examination, when he stated that the client, and not Leon Frazer, had custody of the stock. The investigator is expected to be called to testify at the trial of the pending civil suit, which seeks the production of documents, involving $11m, in missing client assets, in addition to the $10m in bearer share stock, which Leon Frazer denies it ever held.
Correspondence, sent to multiple recipients, from Lyle Stein, then the Managing Director of Leon Frazer & Associates, Inc., to the plaintiff, and others, attached copies of the missing stock, and verified that the wealth management firm had the originals. Stein is is longer with Leon Frazer; William Tynkaluk disclosed that the Ontario Securities Commission (OSC) fined Stein, individually, CAD$500,000, for certain unspecified violation of Canadian securities law. The details of that violation were never made public.
The $10m of bearer securities was being held, in trust by Leon Frazer, in connection with the sale of an interest in a money service business, to a foreign purchaser, which failed to close, after Leon Frazer staff stated that they did not have the securities certificates. The value of the MSB stock, in the open market, was extremely high, because the money service business was convertible to a license to operate a financial institution, a commercial bank.
Where are the stock certificates now ? Tynkaluk had indicated that he had a longtime associate, in the Province of Alberta, who operated in the Republic of Panama, and coveted the MSB stock, and that he, Tynkaluk, preferred the Canadian as a purchaser. That individual is believed to be the fugitive stock trader, Ryan Bateman, a member of the notorious crew of thieves, known as the Cayman Gang of Four*, who are responsible for an estimated $450m in losses, of accounts for Canadian pensioners and retirees. Did Stein & Tynkaluk sell the MSB stock to Bateman, and is he holding the bearer certificates, or did he sell them to a third party ? We cannot say at this time, but the investigation is continuing.
As additional evidence surfaces in the civil suit, filed by a retired Canadian attorney, and QC, that conflicts with sworn testimony of William Tynkaluk, of Leon Frazer & Associates, Inc., the question arises, did the wealth management firm suborn perjury from its retired Chairman of the Board, to evade responsibility for an estimated $21m liability ?
* The Cayman Gang of Four are:
(1) Derek Buntain, the cashiered President of Dundee Merchant Bank, now insolvent, of the Cayman Islands. He is a Canadian national, now believed to be in hiding somewhere in Canada's Atlantic Provinces.
(2) Sharon Lamb, the ex-Senior Vice President of Dundee. A citizen of the Isle of Man, she may be living there at this time.
(3) Ryan Bateman, the fugitive stock trader, a Canadian from Alberta, now in hiding in Florida.
(4) William Tynkaluk, a retired Leon Frazer director, also a Canadian, and now living in Ontario.