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provide reliable evidence that would support these assertions.
The sole document that petitioners provided is entitled
"Custodial Trust Contract". The document purports to be a
contract between Glacial Jadeite and a company called Creative
Technology Alliance (CTA). The contract provides that Glacial
Jadeite will hold in trust for CTA $600 million worth of jade and
that CTA will use the jade as collateral to acquire loans for
Glacial Jadeite. Petitioners failed to provide documents that
describe CTA. Moreover, petitioners have not provided any
evidence that demonstrates that Glacial Jadeite possesses $600
million worth of jade or that CTA has the ability to secure
financing for Glacial Jadeite. Petitioners further claim that in
accordance with the contract, deposits of $25 million and $65
million were placed in an escrow account in Orlando, Florida.
Petitioners failed to present documents that substantiate these
alleged deposits.
Petitioners did not maintain formal accounts or books for
the jade activity. Instead, petitioners contend that they used
their personal checking accounts and credit cards to pay the jade
activity's expenses. Petitioners also failed to provide a
1(...continued)
of the hotels will be constructed of black jade and grouted with
gold and platinum. Petitioners also allege that Glacial Jadeite
is involved in the construction of a stadium that will be
constructed entirely out of jade. Petitioners also claim that
Bill Gates of Microsoft has offered to purchase Glacial Jadeite
for $273 million.
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Last modified: May 25, 2011