TORONTO — The RCMP says two former executives of Onco Petroleum Inc. are facing charges in an alleged $30 million stock market-related fraud.
Investigators allege Onco’s former president and treasurer filed a false prospectus, indicating the oil and gas company had in excess of US$20 million available for development of its oil and gas resources when it did not.
Police say Onco began trading as a public company in November 2007 at $5 per share, and dropped 15 cents a share before it ceased trading in July 2008.
Investigators say the shares no longer have a value and more than 1,400 individual investors have lost in excess of C$30 million.
Robert Vanier, 57, formerly of London, Ont., is charged with submitting a false prospectus, and two counts of perjury, while Terry Beattie, 53, also formerly of London, has been charged with submitting a false prospectus.
Vanier and Beattie are scheduled to appear in court in Toronto on Nov. 29 to face the allegations.