Great stuff Molson, I will elaborate on this post a wee bit.

Here is a post and excerpt connected to this which speaks indirectly of Elco Securities as well, by D Bains.

http://agoracom.com/ir/steliasmines/forums/discussion/topics/587926-national-bank-of-panama-shut-down-for-several-days-may-be-opened-now/messages/1844932

"Among them was a Bahamian company called Draycott Investments Inc., which was also a shareholder in Novori and K-Care. Draycott was represented by Lawrence Collie, who works for Elco Bank & Trust Co. Ltd., a Bahamian company that helps people set up companies in offshore tax and secrecy havens."

"Fourth largest, with 1.6 million shares, is Elco Securities, represented by Isaac Collie, which is clearly connected to Elco Bank & Trust, represented by Lawrence Collie, our faithful offshore facilitator."

So we see here that D. Bains believes some funny business may have been going on then with Elco Securities involved. It appears that this Elco Securities, an off shore account provider, also took a finders fee for a PP in SLI in March 2010, see bolded below;

ST. ELIAS MINES LTD. ("SLI")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 23, 2010
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to
a Non-Brokered Private Placement announced March 10, 2010:

Number of Shares: 2,700,000 shares

Purchase Price: $0.75 per share

Warrants: 2,700,000 share purchase warrants to purchase
2,700,000 shares

Warrant Exercise Price: $1.00 for a one year period

Number of Placees: 34 placees

Insider/Pro Group Participation:

Insider equals Y/
Name ProGroup equals P/ No. of Shares

Robert Saunders P 25,000
David Elliott P 50,000
Andrew Williams P 25,000
Lori McClenehan Y 106,667
Senojoc Management Inc.
(Lori McClenehan) Y 47,585

Finder's Fee: 79,600 units payable to Elco Securities Limited Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company
must issue a news release announcing the closing of the private placement and
setting out the expiry dates of the hold period(s). The Company must also
issue a news release if the private placement does not close promptly.

Here is the news release excerpt that shows what Elco received from SLI;

"In connection with the private placement, a finder's fee of 6%, totalling $12,750 cash and issuing 79,600 units was paid. The finder's units are on the same terms as the private placement units. In accordance with securities legislation currently in effect, the securities issued will be subject to a"hold period" of four months plus one day from the date of closing, expiring August 21, 2010."

http://www.theglobeandmail.com/globe-investor/news-sources/?date=20100421&archive=tnw&slug=18016

In this next report, you see Elco taking up part in the April 2012 Intigold PP. I see what I believe is Leigh Atkins and Bob Lachances companies also taking part in this same PP. You also see another off shore jurisdiction mentioned here, Belize.

http://www.bcsc.bc.ca/eservices/Inc/ViewDoc.asp?DocNum=W7T2M6O7W7Y1T7JDV6ECX7S9R7I3&s=False

Now readers, please understand that I am not implying any wrong doing by anyone mentioned in this post, but only showing that there are commonalities between SLI, IGD and the Elco Bank mentioned in the questioning writings of D. Bains.

I should add here that it is favoured by some unethical to use off shore accounts for trading stocks that are dual listed, in Canada and thev U.S.. A favoured game sometimes is to trade through the U.S. Exchange with off shore accounts that the depository has a hard time keeping track of, and the naked shorting practise is usually done via off shore accounts, where it is harder to trace. We have seen SLI being naked shorted many times in the U.S., in the past. Again, no implications of wrong doing am I suggesting.