From Finance Institutions in Mining

Jump to: navigation, search
This page was last modified on 20 February 2014, at 19:23.

Bobby Genovese

Bobby Genovese
Based in Bahamas
Active in United States
Targeted silver

Mr Genovese - aka Bobby G - is a Canadian "stock promoter" and founder of the eponymous BG Capital Group, a venture capital and private equity firm, based in the Bahamas.

Genovese fell foul of Canadian and US regulators in October 2012, when a junior mining copany, Liberty Silver Corp (which has leases in the United States), was "cease-traded" because of doubts about who controlled and traded the shares. It emerged that two of his other outfits, Outlook, and LookBack Investments, had also been involved in the trades. [Financial Post, 31 December 2012].

Although this suspension was quickly lifted (not that Liberty's fortunes improved, since it still couldn't trade on the official markets), questions remained over Mr Genovese's role in Liberty, and other companies with which he is associated.

He and these others were accused in an anonymous report of holding undisclosed control over tens of millions of Liberty shares, and promoting a huge rally in the company's share price just before trading was suspended - and the price collapsed [Financial Post, 20 October 2012].

Bobby Genovese was described in a September 2009 article, published by Dolce magazine, as "blond and blue-eyed and living the American Dream" ["The life pursuits of Bobby Genovese"", Simon Panetta, Dolce magazine, 23 September 2009], which went on to say:

"He travels to worldwide meetings on his private Learjet. He indulges in chocolate chip cookies, Krieger and Cartier. He floats on glamorous Aspen powder and dives off his multi-million-dollar yacht as it skims the froth of Florida’s South Beach. 'It’s such a big world with so much to do and I haven’t even started. Do up your seat belt and hang on,' he says with a grand smile".

Genovese established BG Capital Group in 1996 as a "merchant banking and asset consolidator firm", based in the Bahamas.

According to Dolce: "BG Capital impresses with a portfolio of diverse companies, from North America’s largest cremation enterprise, Neptune Society (“my best move – a homerun beyond anybody’s dreams”), to Clearly Canadian Beverage Corporation, the dying bottled water brand that finally broke even this year under Genovese’s leadership".

Lending even more litter to his glamourous lifestyle, Genovese is said to "own[s] a fleet of antique speedboats and 11 lavish properties across the world, including manors in Argentina, Aspen, Colorado, Whistler, British Colobmia, and a sprawling summer retreat at Muskoka’s elite Lake Rosseau, with Goldie Hawn and Kurt Russell as neighbours."

And, if we are left in any doubt that Genovese is simply hell-bent on amasssing personal wealth, he's quoted as saying: “It’s not that I don’t relish or appreciate the fact that I can buy the jet, the yacht, the buildings. I just never look at it in a materialistic way – it’s just another avenue to have fun” [Dolce magazine, ibid] (So that's alright then!)

In December 2012, Genovese filed a document with Canadian regulators that showed he had made more than 250 transactions involving Liberty Silver shares since late 2011, shortly before it listed on the Toronto Stock Exchange (TSX).

Between BG, Outlook and another entity called Lookback Investments Inc., Mr. Genovese’s reported Liberty holdings amount to approximately 8.6 million shares, or more than 10% of the total.

Commented Canada's Financial Post: "Before listing on the TSX, Liberty Silver issued almost 70 million shares for fractions of a penny each, and there have been anonymous allegations that Mr. Genovese has undisclosed control over tens of millions of them.

"It is not clear why Mr. Genovese waited so long to make the transactions public. Some of them are more than a year old" [Financial Post, 31 December 2012].