Breaking News: BT Prime & Boston Prime Face Injunction Order in Alleged Ownership Dilute

According to court filings obtained by Forex Magnates' reporters, an injunction order has been filed against the Belize-based entity behind BT Prime and Boston Prime, BT Trading Ltd. The order has been filed by co-Founder and former Boston Prime CEO and Boston Technologies COO, Kevin Millien, with the Supreme Court of Belize. The legal action is also targeting current CEO of Boston Technologies, (BT) George Popescu and the Belize-based registered agent, Alpha Services Limited.

Following are links to the court filing and to the injunction order.

Claim No. 325 of 2014

Claim No. 325 of 2014

The events surrounding Boston Technologies are unfolding in the wake of a potential acquisition of the company's controlling stake by Forexware and confirms a previous report by Forex Magnates which has outlined potential ownership irregularities in the firm's Belize entity, while at the same time the CFH Group has bid for the other half of the company.

Our reporters reached out to Boston Technologies' co-Founder and former Boston Prime CEO, Kevin Millien, for a comment on the matter which he shared during his trip to Belize to finalize the transfer of ownership to the CFH Group,where he learned that BT Trading's share capital has been increased.

He stated to Forex Magnates, “It happened without my knowledge or consent and I have been removed as a director of the company days before my arrival, without my knowledge. The registered agent, Alpha Services Limited, refused to provide me with any copies of those board resolutions, which authorise significant changes to the capital structure and to the composition of the Board of Directors. Both of which require unanimous consent of the board. I was removed from my position as director on Friday the 20th of June, just before I arrived in Belize on Monday the 23rd.”

He proceeded to confirm and explain the legal actions taken by him towards the defendants, stating, “Upon discovering these findings, I retained attorneys in Belize and we filed an injunction to block any additional corporate actions, including any potential sale of the company or any potential financing arrangements, until my ownership stake is restored fully and I have been fully reinstated as a director of the company.”

On the basis of a previously obtained document by Forex Magnates' reporters, we asked Mr. Popescu about the company's ownership structure at the beginning of June. He confirmed at the time there has been no dilution in the share ownership and the venture's ownership is split 50:50.

However, according to the date on the document listed above, the ownership structure was changed back in July of last year. This was confirmed by Mr. Millien to Forex Magnates' reporters. Boston Technologies refrained from commenting on the matter at the time of publication.