A London, U.K. man who launched a fake takeover bid for a Canadian issuer has pleaded guilty to fraud and forgery in a London court.
The U.K.’s Financial Conduct Authority (FCA) reported that Christopher Woolcott of London pleaded guilty to one count of fraud and three counts of forgery in Westminster Magistrates’ Court on Thursday, in connection with a fake takeover bid for Calgary-based Touchstone Exploration Inc., which is listed on both the TSX and London’s Alternative Investment Market, or AIM.
According to the FCA, the fake bid was part of a scheme to boost the company’s stock price by Woolcott, who stood to benefit if the fake offer had been announced to the market.
“Woolcott admitted creating a fictitious takeover approach for Touchstone Exploration Inc. using multiple false identities and forged documents, in an attempt to lend credibility to the approach,” the regulator noted.
“Fake bids, forged documents and false identities have no place in our markets,” said Steve Smart, executive director of enforcement and market oversight at the FCA, in a release.
The company is not under investigation in connection with the case, the FCA said.
Woolcott will be sentenced at a later date, the regulator added.