While the company are going down in flames you can find Mr Ellerton literally ‘LYING’ on a beach in Hawaii.
Talk of meetings with operational team Members in California and talk of third party discussions for funding the proven worthless Tapia assets is but a smoke-screen used to confuse and delude the ever decreasing rag tag Bulletin Board morons who have been used and abused by being fed Jims lies through Cadogan and Michael Green. Jim’s paid for mouthpieces.
Jim is prevaricating looking for time to come up with yet more lies to get him out of the Gary Dillabaugh Scandal. It’s a grand life living a few 100 metres away from the Kamaole Beach in Hawaii. Take a good look for yourselves and remember that your cash is paying for this!
Not only can one go there to LIE around on the Hawaiian beach and tan up but it gives one the time to think out the next fantastical LYING excuse. Whether Jims telling lies, lying on a beach or just lying around his Hawaiian homestead it gives a whole new meaning to the word “LYING”.
Sefton Resources are crashing & burning while headed for suspension and Jim’s living it up in his Paradise hidey hole! Below you’ll find the latest addition to our on-going fight to stop this fraud! Sent to the AIM Regulation & the FCA Market Abuse Team this week.
As you are wholly aware I am in an on-going legal and moral fight to protect Unsophisticated UK Investors from the fraud that is Sefton resources. I now wish to add the following to my complaints.
The Sefton Chairman Ellerton in May 2002 appointed a Dentist, by the name of Mr Gary Dillabaugh, as the Investor Relations Coordinator. Subsequently in 2004 Mr Dillabaugh was appointed Corporate Secretary.
It has now come to light that Mr Dillabaugh had been given these positions as a “sweetener” to stop Mr Dillabaugh from demanding the return of personal loans he made to Mr Ellerton amounting to $400,000 dollars.
Subsequently Mr Dillabaugh eventually resigned when he requested the return of the loans in full. Mr Ellerton refused to repay the debts stating that Dillabaugh had been paid back the money through his Corporate Secretary and Investor Relations salaries. This is yet another fraud perpetrated by John J Ellerton. I have attached the full judgement made by the Denver/Colorado courts dated 14 May 2009 case No 08CV2877
I don’t doubt that Mr Dillabaugh is an honourable man and probably a top notch Dentist. In fact I’m pretty sure that he’s a capable man and would almost certainly have got to grips with being the Corporate Secretary of Sefton however at the time of the appointments Chairman Ellerton owed Mr Dillabaugh over $400,000 dollars via personal loans. This was kept secret by Ellerton hidden away from share-holders, Brokers, Nomads and Regulatory bodies.
It is yet another shocking example of the contempt and disregard this corrupt Chairman holds not only for share-holders but for the Financial regulatory bodies in the United Kingdom.
I demand action now.
This is truly shocking. Ellerton has swore under oath and in his Depositions, that he paid Mr Dillabaugh company cash to pay off his personal debts. This is absolutely disgraceful. The Serious Fraud Office are long overdue here.
The Judge in the case, Robert L McGahey, stated “defendant Ellerton’s testimony was not believable” & “defendant Ellerton is not credible in regard to his testimony” I have reported to AIM/FCA Regulation many times the lies , deceits and frauds of Ellerton. Maybe now you’ll believe it when it comes from an American District Judge.
I ask which directors and officers of Sefton knew and I include in that list the company secretary after Dillabaugh, Pinsent Masons, they must have knew that their Executive Chairman was claiming on oath that he had used shareholder/Company cash to clear his debt to Dillabaugh. Pinsent Masons are complicit in this fraud having taken hundreds of thousands of pounds in fees.
On the 9th August 2013 I contacted Mr Nick Harriss of Allenby Capital, the Sefton Nomad, seeking an undertaking that Sefton Resources were not trading whilst insolvent. Mr Harriss has failed to reply to that letter. A copy of which I know produce as evidence.
Letter to Nick Harriss of Allenby Capital
At 31st December Sefton had net cash of circa $1 million. It has since raised circa $1 million in fresh equity. We both know that its cash burn per quarter is circa $1 million.
But since March 2013 it has increased capital expenditure in both California and Kansas and it has incurred material short term liabilities in pursuing spurious legal claims against myself and Tom Winnifrith for libel.
And so I ask: have you done your duty and established beyond all doubt that Sefton is not trading whilst technically insolvent? – A criminal offence.
If its cash plus trade receivables is less than its short term liabilities (short term bank debt and trade payables + its committed legal fees in the Levi & Winnifrith cases which are, I gather c$600,000) then it would be trading whilst insolvent.
Have you an up to date balance sheet which demonstrates that the client you are legally responsible for monitoring is not trading whist insolvent? I’m CCing in the AIM Regulation team & the FCA, since it will no doubt be keen to ensure that you are fulfilling your obligations as a Nomad and will be interested in your reply.
Sefton Resources continue to deliberately lie over their daily oil production. In the 13 August 2013 RNS Mr Ellerton states; “As a whole the Hartje lease has improved from a production baseline of 2,204 BOPM/ 73 BOPD (2012 average) to a July total of 3,477 barrels of oil (112 BOPD), a 55% increase.”
Average production on the Hartje lease for 2013 based on the GENUINE figures posted on DOGGR are 57 BOPD! (That’s being generous the low June 2013 Hartje figures have still not been posted which will bring it further down.)
To arrive at his fraudulent figures Mr Ellerton has omitted Jan, Feb, March, April, May, June 2013 Hartje lease production from the equation. To deliberately Omit 6 months of your latest oil production so that you can say 112 bopd in 13 August RNS is an absolute bloody disgrace.
Mr Ellerton is a Pathological Liar. But what about Jan, Feb, March, April, May, June 2013 Hartje production figures? Why has he NOT included them in the average? It’s abundantly clear when you do the math. It shoots holes through the 125 bopd Hartje claims made on 19 July 2013 and the 112 bopd claims made on the 13 August 2013.
UK Investors are being fleeced by this company and you the Regulators are sat on your back-sides doing nothing!
I warn you now as I have warned you on many occasions. You have a duty to protect United Kingdom citizens from fraudulent companies trading on the London listed markets.
I have seen no evidence to date of any such duty being performed.
When they go into bankruptcy and as sure as night follows day they will. Then if you have failed to act upon the mountain of evidence presented to yourselves not only from myself but others who have passed on their grave concerns then I will commence court proceedings on behalf of share-holders via The Sefton Share-holder Action group for compensation.
At the very least trading in this company should be immediately halted with a request to the Serious Fraud Office to investigate the on-going fraud that is Sefton Resources.
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