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Nasdaq gives questionable stock the boot
Company director Masee disappeared in 1994
Publish Date: Apr 07, 1999
Tags: Masee Case Investigation
VANCOUVER, British Columbia - The controversial Vancouver-based company that employed as a director former banker Nick Masee before his mysterious disappearance in August 1994, has run afoul of U.S. security regulators. Turbodyne Technologies Inc. was delisted by the Nasdaq Market Authority recently.
Turbodyne's claims it had a $45-million Russian letter-of-intent from a Moscow-based customer were questioned by regulators as were numerous announcements of other impending deals. Much of the company's aggressive stock promotions were based on such announcements. Turbodyne's shares plunged in value from $23.75 in early August 1998 to $3.00 on April 15, 1999. At one time the company was valued at a billion dollars.
Masee, who hailed from the area of Alkmaar, the Netherlands, and who also was active in (Dutch-Canadian) community affairs, disappeared with his China-born wife Lisa en route to a prospective investor. While the Masee's were reported missing and are sought by the police, there are no charges pending against them.