CIBC Mellon stock scam probe linked to Angels
KAREN HOWLETT, 09 December 2004
A former executive of the securities custody firm co-owned by Canadian Imperial Bank of Commerce is under RCMP investigation over his alleged involvement in a penny stock scam police allege is linked to the Hell’s Angels biker gang. Alnoor Jiwan, former manager of CIBC Mellon Global Securities Services Co.’s Vancouver office, is under investigation for allegedly taking bribes in 1999 to issue bogus stock certificates and pocketing ill-gotten gains in a so-called pump-and-dump scheme involving defunct telecom firm Pay Pop Inc. Bill Majcher, head of the RCMP’s Integrated Market Enforcement Team in Vancouver, said his office has recommended to Crown prosecutors that charges be laid in connection with the scam. He also said individuals behind the scam have ties to organized crime.
