Globe says OSC target Agoracom claims victim status

2010-07-05 07:43 MT - In the News

The Globe and Mail reports in its Monday edition that the Ontario Securities Commission sits down behind closed doors on July 7 with an on-line investor relations firm it has accused of fraud. The Globe's Simon Avery writes the OSC alleges that Agoracom Investor Relations made hundreds of fraudulent postings on its Internet forum to boost its own business and inflate the value of stocks it owned. Between September, 2006, and July, 2009, the firm used fake names to conjur on-line chatter about stocks and boost their prices, according to the OSC. The outcome of the allegations could have deep implications for Canada's on-line discussion forums. None of the accusations is proven and Toronto-based Agoracom says they are unfounded. George Tsiolis, Agoracom's founder and president, maintains his firm was "blackballed by the big boys on Bay Street" for giving retail investors a platform to complain about unpopular deals. Some rival sites that have watched traffic to Agoracom's site swell are skeptical of the firm's protests. Dennis Bremner, who runs TradingChief, said he thinks there are far too many positive posts on Agoracom's board to be useful to investors. Agoracom advertises on The Globe's website.