Hundreds of Canadians lifesavings down the drain as ‘God’s’ gold venture fails
About 700 Canadians could lose their lifesavings after a famous televangelist running an African gold mining venture seems to have disappeared off the face of earth.
According to CBC News Saskatchewan, Liberty International Mineral Corporation CEO Len Lindstrom has virtually cut off all contact with most of the people who invested at least Cdn$18 million in the company, or “God business,” as he used to call it.
“He is such an expert at only telling his half of the story,” Dean Britton, a Saskatoon man who invested his life savings in the firm, told CBC. “I’m going to show the other half.”
Britton said he first became concerned when, through a newspaper article, he learned how Lindstrom was being compensated; a yearly $200,000 salary and a hummer.
“For a little ma and pa company with no revenue, no proven resources, no cash flow, no corporate investment –to pay himself that? And not tell us?”
Britton said he was shocked when he learned about Liberty’s share structure.
“What Len conveniently failed to mention is that about 68 per cent of all those shares are personally owned by him and his son and his wife and daughter,” Britton said. “So he could do whatever he wanted to with zero transparency, zero accountability."
(From CBC News)
Ironically, the Christian evangelist-turned-entrepreneur recently launched a book on his experience battling rampant corruption in the West African country, entitled “Corruption 101: Liberian Style.”
The last time Lindstrom was seen in public was last June, when he met the producers of CBC Global News and Current Affairs and with the co-producer of the Fifth State, one of the country’s leading investigative reporting programs.
Insiders says Lindstrom has been talking about taking his company public for at least eight years, but it still hasn't obtained a listing.
Dean Britton sings a song called "Motherlode of Ore," which Lindstrom taught to his followers when he encouraged them to purchase shares in his African mining company.