Streamex sued by Vancouver's Coglon over option
2025-11-21 18:39 ET - Street Wire
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by Mike Caswell
Former Vancouver securities lawyer Richard Coglon has filed a lawsuit in the Supreme Court of British Columbia against Nasdaq listing Streamex Corp. over a stock option that he says is worth as much as $44-million. (All figures are in U.S. dollars.) Mr. Coglon claims that he made a "strategic introduction" that led to the company obtaining a U.S. listing. In return, he was to receive a stock option, but the company's management has conspired to keep him from exercising that option, he says.
The allegations are contained in a notice of claim that Mr. Coglon filed at the Vancouver courthouse on Thursday, Nov. 20. The defendants include Streamex, a company that touts itself as "a leader in institutional-grade tokenization and digital asset infrastructure." Also named are Vancouver-area businessmen Henry McPhie, Morgan Lekstrom and Mathew August.
The shares at issue, as set out in Mr. Coglon's lawsuit, arose from a lunch meeting on June 5, 2024, at Cardero's restaurant in downtown Vancouver. That meeting, as described by Mr. Coglon, involved the founders of Streamex, Mr. Lekstrom and Mr. McPhie, seeking advice for the company. According to the suit, Mr. Coglon believed that they needed a U.S. capital markets strategy and that he knew the person who could help them.
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It appears that there will be a lineup at the courthouse door this Christmas, following the same scoundrel.
I myself have commenced legal action against Mr August for identical breach of contract, albeit with different companies.
Watch for the bulletins here on Stockwatch in the coming days.
Posted by John B Good at 2025-11-21 20:59
2 million options for an introduction. Cmon that’s crazy
Posted by Stockman at 2025-11-22 06:48
Stockman: I respectfully submit that you are missing the point completely.
One: There's much more work to it than you know, and it is this function which Mr Coglin relies upon to earn his livelihood. Parties A and B knew this.
Two: That was the deal, which they did not have to necessarily agree to, but apparently they did.
Three: Then they reneged, and evidently Mr Coglon received nothing, and that is the ingredient here that you are minimizing. It speaks to the character of the defendants, and their intentions.
The recipients of the benefit, and the obviously positive results which they and other shareholders accrued due to his involvement are what's important to acknowledge here.
Is Elon Musk worth a One Trillion Dollar pay package? That is not up to yourself to decide, although you are entitled to an opinion, but he did create enormous wealth. He was the catalyst for Tesla and many other successful enterprises.
In this instance, Mr Coglin was asked for his help my party A. They came to him. He delivered Party B. Parties A and B received a benefit and so did countless other people from brokers to investors to the stock exchange receiving fees, and the list goes on including employees of the company and others with relationships to the entities.
Mr Coglin received nothing.
That is an unsatisfactory consequence of his very important contributions.
This is also important to recognize: At the meeting at Cardero's, nobody would have known how successful this adventure might be. It might have been a complete failure and his incentive worth very little or nothing. He should not be penalized for its success, which may not have been achieved otherwise. Those dynamics are always a wildcard and dependent upon may factors, which Parties A and B are aware of. I could say the same about Tesla. It was never a guaranteed win. It very nearly failed. Many factors and conditions are required to achieve success, including providence, which is often underestimated or ignored.
They agreed to compensate him, and if the facts are as Mr Coglin asserts, and I believe they are, then he is entitled to what he is suing for, in my opinion.
Remember, I have personal experience with Mr. August, and he is the subject of a lawsuit I have commenced, as are two other individuals whom are also well known Howe St. characters, whom I may name later. None of this surprises me or anyone else who has been on the receiving end of the bad behaviour of unpleasant persons.
I am also acquainted with Mr Lekstrom, and quite frankly I would have thought he might behave better than Mr August.
Time will tell.
John B Good
Posted by John B Good at 2025-11-22 13:52
VANCOUVER, British Columbia and LOS ANGELES--(BUSINESS WIRE) Q:STEX
BioSig CEO and Streamex Co-Founder Henry McPhie, says, “This financing marks a pivotal moment not only for Streamex and BioSig, but for the evolution of global financial markets. By combining the value of physical gold with the innovation of blockchain, we are building a company grounded in what we believe to be the world’s most trusted store of value while enabling a scalable, high-return business model through tokenization. Our mission is to unlock liquidity, transparency, and accessibility across the $142 trillion commodities market, and this milestone is just the beginning.”
Co-Founder of Streamex and Chairman of BioSig, Morgan Lekstrom added, “The on-chain integration of gold and commodities represents a transformative evolution in global finance. While many treasury models exist, the approach pioneered by Streamex and BioSig combining physical gold with a scalable, revenue-generating tokenization platform introduces an entirely new value proposition for token holders. This is a landmark innovation, and we are committed to demonstrating to the market and our shareholders the full potential of this platform to redefine how real-world assets are accessed, valued, and monetized.”
Posted by halcrow at 2025-11-23 12:52
The Usual fluffy news release.
Typical narcissistic hyperbole.
Look at the chart.
It does resemble most of Mr August's Vancouver promos. Straight down in record time from its pumped highs.
Here comes the litigation and potentially the regulatory eyeballs.
Posted by John B Good at 2025-11-23 13:34
Any potential regulatory eyeballs would likely belong to the SEC, and Rip Van Winkle comes to mind as a timeline guide.
"It usually takes the SEC anywhere from six months to several years to prosecute a stock scam, with the average investigation lasting between six months and two years, or even longer for complex cases." AI generated
Posted by halcrow at 2025-11-23 14:44
This issuer also falls under the jurisdiction of the British Columbia Securities Commission since all of the guiding minds of the entities are domiciled in Vancouver and they move at lightning speed, with SEC assisting them in their investigation as well.
Trust me, these promoters are sloppy and they leave a trail easy to follow.
I’ve got plenty of experience gathering evidence over the past months.
My money’s on Mr Coglon to draw them out for a settlement.
Regulatory issues are a side effect of court action often.
The regulators come to listen in at the discovery process which can ruin the defendant’s agenda.
Posted by John B Good at 2025-11-23 15:53
What was with all those Afrikaner’s problem with Nanaimo boys?
Good work Coglon, best them again
Posted by Oh at 2025-11-23 16:13
Thank you, John
The British Columbia Securities Commission (BCSC) does not list Streamex as a registered or authorized crypto trading platform, but BCSC regulation is relevant because Streamex Exchange Corporation is a British Columbia corporation.
Regulatory Status
Not a registered platform: Streamex does not appear on the Canadian Securities Administrators (CSA) list of authorized crypto platforms. Any platform that facilitates the buying and selling of crypto assets for Canadians must register with provincial or territorial securities regulators like the BCSC.
BC-based entity: Streamex Exchange Corporation is a B.C. corporation.
BCSC involvement in enforcement: The BCSC actively takes action against unregistered crypto platforms operating in B.C. and has banned others in the past for violating the Securities Act.
Business model as "Real World Asset Tokenization": Streamex describes itself as a leader in "institutional-grade tokenization of real-world assets". Depending on how these assets are structured and traded, they may be classified as securities or derivatives, which would bring them under the BCSC's regulatory authority.
If you are a B.C. resident considering using Streamex, the BCSC urges caution when dealing with firms that are not registered. You can use the National Registration Search to verify the registration status of any firm or individual you plan to invest with. AI generated
Posted by halcrow at 2025-11-23 19:36
Craig Ferris, K.C., has appeared in all levels of court in British Columbia as well as the Supreme Court of Canada. He also has extensive experience, both as counsel and as a neutral, in international and domestic arbitrations as well as in administrative settings, including before the British Columbia Securities Commission. Lawson Lundell LLP
And here's more
https://www.lexpert.ca/lawyers/craig-ab-ferris-20613
Posted by halcrow at 2025-11-23 19:44
Nicely done, Halcrow. I do seem to remember you've been around for decades from time to time on these platforms. Nice to see we're all still here after ten million years.
There is a 100% certainty that by Monday the BCSC will already be examining this legal filing and its various personalities involved in the promotion of STEX. It is what they do. They go fishing, and the fish are jumping.
Now they look at all the other companies these promoters are connected to and related brokerage accounts for clues to trading patterns and timing of news. Family members. Nominees etc.
BCSC has wide sweeping powers, moreso than the RCMP.
You will be surprised to learn what junior smash and grab artists commit to writing in emails and texts when they're all excited and impressing themselves. As intelligent and capable as some of them are their pathology does not permit them to suppress the impulse to embrace their narcissistic tendencies and expose themselves to unnecessary risk.
So, while they are bathing in self importance and overwhelmed by their genius, they print it all and send it to you as a reminder to worship at the altar of their awesome brilliance.
They have yet to realize that the person they are talking to was already setting the fuses in advance of such atrocities even before they were born.
If you ask me, someone as experienced as Mr RC has mountains of evidence, even though he may have been reluctant to have to disclose any of it, until now.
I just doubled my wager.
Posted by John B Good at 2025-11-23 22:23
Good Work John Earl Hope
Posted by earl hope at 2025-11-24 10:30
Haha thanks EH its nice to know a few more of the good old boys appreciate some of our historic standards of better behaviour - there is a threshold. Do not cross it.
Posted by John B Good at 2025-11-24 15:11