THE CURIOUS CASE OF WILLIAM TYNKALUK, LEON FRAZER, AND THE THEFT OF $10m IN STOCK

Bill Tynkaluk

William "Bill" Tynkaluk, of Leon Frazer and Associates, Inc., was the investment professional for Canadian attorney, Lawrence Heath QC, for many years. Heath conferred with The broker  regularly, involving investments, and the firm's management of the retired attorney's portfolio.

There came a time, within the relevant Statute of Limitations, when Heath sought Tynkaluk's advice regarding the sale of a Financiera, a money service business licensed in the Republic of Panama, in which Mr. Heath held a large ownership share. A purchaser, from the Middle East, was planning on acquiring 50% of the money service business, in large part because an MSB license, under Panamanian law, can be converted into a full-service commercial bank, a valuable commodity, especially when located in a thriving offshore financial center, such as Panama.

Bill Tynkaluk advised Mr. Heath that he would assist him in closing the transaction, for his protection, and Mr. Heath, in reliance upon Tynkaluk's representation that he would utilize the capabilities of the Leon Frazer firm, turned over the entity's bearer shares, and all the books, records, ledgers and accounting records of the Panamanian entity, to him.

According to Mr. Heath, and other witnesses, Tynkaluk then proceeded to commit several actions that effectively sabotaged the sale. It is alleged that he had another client who wanted to purchase the MSB, for its valuable convertible license, and that he anticipated receiving a substantial commission from that client, solely for facilitating the sale.

When Lawrence Heath subsequently demanded that his securities, and the accompanying books and records, be returned to  him, Tynkaluk claimed that he had already returned those items,  which was an impossibility, because Heath was in Florida for the winter, at the time. Thereafter, Tynkaluk alleged that the documents were being held by Leon Frazer staff member Lyle Stein, but later admitted that this statement was a lie, and he trying to protect the Leon Frazer firm.

The stock certificates, and MSB books & records were never returned to Heath, and they remain missing and unaccounted for to date, notwithstanding that Tynkaluk, and Leon Frazer, had a fiduciary duty to safeguard and preserve them, particularly the securities, which are in bearer form, and which confer ownership rights to an entity that Tynkaluk himself admitted was worth USD$10m.

These shares are being held illegally by Leon Frazer & Associates, Inc., and they may have been pledged, hypothecated or given as security, without the lawful owner's consent and agreement. Given that there is pending litigation in Ontario, Where Heath is the plaintiff, we shall report on all developments in this matter, as they occur, as reflected in court filings.