Mr Sullivan who was originally Fred Solomon who changed his name to Fred Sullivan then changed his name again to Myron Sullivan has sold fake shares to over 500 innocent victims that range from 7,000.00 to 800,000.00 from each shareholder. He has targeted the rich and the poor and has convinced the best of the best. For many years he was using the good name of high profile people who last year when approached had no idea their names were being used. This was to gain the confidence of his victims.
In recent days, The BC Securities Commission has issued a cease trading order and indicated that between 2006 and 2011 Mr. Sullivan sold millions of shares illegally.
In many cases people who wrote checks or paid cash to Sullivan never received certificates so the scam may be well beyond the 500 number of people.
This scam is centered around a technology called Aeros an environmental system that does not exist. [continued below]....
..... Mr. Sullivan uses a scale model of a system that is meant to demonstrate how his system can clean up oil spills however he fails to tell people that he is actually using a chemical mixture, actual oil and water would not work. This is stage one of his scam. Next he sells people on the idea he is going public within months and that shares will shot through the roof in months, form the .40 to 1.00 per share he sells them for to the 18.00 or higher range. Months go by and he pushes back the dates to another 6 months and so on, going on for years.
He takes the money and spends it on a lavish lifestyle living in a 2,250,000.00 luxary ocean front home in West Vancouver, travel, breast and dental enhancements in the 10's of thousands for his wife, camera equipment in the 10's of thousands for his wife, the purchase of worthless paintings form his ex wife for high amounts of money, sending his ex wife to Italy for very expensive art lessons, purchase and careless spending on his life style such as on hot tubs that he claimed he traded shares for yet a record of payment of 10k exists, prostitutes in various countries such as Thailand and Africa, and the list goes on and on.
He provides budgets to new investors on what the money will be used for to secure hundreds of thousands of dollars then the funds simply disappear and in manyu cases are wired from his bank with the help of his friendly bank manager to offshore accounts. The bank manager knows of issues yet continues to accept deposits and allow large sums to be transfered offshore to Hong Kong on route for Thailand.
There is much much more to this scam than we can write here, but many vicitims are starting to come forward and write blogs as law enforcement agencies seem to have no interest in stopping this man after more than a decade. The tide is changing and now actions are happening.
We encourage you if you are a victim to write your story here as well as contact your local Police department as well as the BC Securities Commission, local news outlets, Canada Revenue Agency Criminal Reporting line (1-866-846-3535) They will not ask your name, simply your info to help them catch this guy. In the US contact your IRS office and the FBI.
This man has scammed millions and millions and despite a cease to trade order, at the date of this blog, he is still offering the sale of shares through his website via security lawyers in Irvine CA, however transactions need to be approved by him personally and he actually accepts the payments and prints worthless share certificates.
Investors are powerless to recover their money, he does not return calls to them once he has their money and even threatens them. n some cases he encouraged investors to recruit family & friends, once they realize it was a scam and complain or threaten to file a complaint, he intimidates them by saying they will be in trouble for selling shares to people which for the most part works to scare people from reporting the crime, but that is changing now. If you are a victim, stand up and take action, blog here and contact commercial crime units of your local law enforcement agency, but by blogging here you can tell your story, your name will not show, and serve as a warning to protect future victims.
Sullivan is also involved with invoice and tax fraud. He collects invoices form suppliers that have been canceled due to non payment, or modified many many times due to his numerous changes. He keeps all the canceled hard copy invoices and claims them as all being valid through his accounting person Dave Gordon of North Vancouver BC Canada. Further, he collects tax refunds on those fake invoices. He claims also to shareholders that these invoices need to be paid in order to move forward with the real money and projects. He receives more money from weary shareholders thinking this will help them see a return but the money goes to his personal lifestyle and elsewhere but not for the purpose it was provided. There is much more to this too. Sullivan does not pay many of his bills but collects the invoices and the taxes.
Sullivan is also involved in property rental fraud, collecting rent on properties he does not actually pay his rent on in the end.
There is much much more here, please come forward and tell your story