InterOil: A (unreported) family affair?
May 5, 2010 by William K. Wolfrum
Not long ago, actor Shia LaBeouf, star of the upcoming “Wall Street II,” delved into the world of advising investors, as he had these kind words to say about InterOil:
“IOC’s momentum is major, and it will surprise to the upside,” texted LeBeouf to a GQ writer.
For LeBeouf, the advice seemed natural, as he had been being prepped for his role at John Thomas Financial, where InterOil is their “favorite energy stock.”
Of course, one could also wonder if maybe LeBeouf is related to someone at InterOil. Because, according to William Lobdell at iBusiness Reporting, InterOil apparently has a fondness for working with relatives of the company’s independent Director Gaylen Byker – and then not disclosing those deals in its SEC filings:
iBusiness Reporting has found four InterOil Corp. (NYSE: IOC) transactions involving relatives of the company’s independent Director Gaylen Byker, who is also president of Calvin College in Grand Rapids, Mich. that have gone undisclosed.
And iBusiness Reporting has uncovered a fifth deal from a Barbados entity, which listed the same mailing address as InterOil and whose trustee was an attorney used by InterOil CEO Phil Mulacek. If it was a related-party deal, InterOil didn’t disclosed it.
In chronological order, here are some of InterOil’s undisclosed dealings with relatives …
Click here to read more about InterOil keeping it in the family. Because it seems you won’t hear about it from InterOil itself.
Click here to read more allegations of fraudulent behavior at IOC.