The saga with Supatcha Resources Inc. (OTC:SAEIE) came to a halt last Friday, when the SEC suspended the trading of SAEI securities on the open market. The reason for the caveat emptor mark was the suspicion which SAEI raised about "the accuracy and adequacy of publicly disseminated information concerning, among other things, a geological report concerning the company's mining prospects in Ukraine and a purported tender offer for the company's outstanding shares."

The first indications of a foul play by SAEI, came out with the release of the news about two consecutive bids for 100% of the company's outstanding shares. The first publication, which was published on Dec. 10, had some very conspicuous flaws, which were apparently made deliberately in order to avoid future charges.

In detail, SAEI had misspelled the name of the famous Russian billionaire Mikhail Prokhorov, leaving out the "h" in his family name and had intentionally called him the fifth richest man in Russia instead of the second richest. Five days later, in response to this announcement, Prokhorov spoke before the media, denying to have anything in common with SAEI.

After that, on Dec. 13, SAEI announced a second takeover bid by JSC Rustamov Group, situated in Moscow. However, search engines give back absolutely no information about this company, which contradicts with the statement that it is backed by "several prominent and wealthy Russian Families."Thus, one has the very right to ask himself if this company exists at all.

As to the geological report, which is the other aspect of the SEC investigation, it all started with a resource statement report about some mining properties of SAEI in Ukraine. The official document was comprised by a geologist named Graig Parham of NEOSC Geomin Ltd. However, it later turned out that SAEI had used a real company, named Geomin International, which served as a basis for SAEI to concoct its false geologic prototype.

Subsequently, the name of the real geologist turned out to be Greg Parham in stead of Graig, his e-mail was changed as well. Second, the telephone and fax numbers of Geomin Int. were changed, each by one digit. After Geomin Int. noticed that its name was deliberately abused, it published an official announcement on its corporate website to deny any connection with SAEI.

An investor over at ihub had taken to the job of digging even deeper into the mud. His investigation revealed that the two major shareholders of SAEI, Anthera West Capital Inc. and Massey Asset Management Ltd, are of no less phantom nature. They appear to have some roots in Panama, which hints at a probable illegal offshore financial transactions. Furthermore, it turns out that one of the CEOs of SAEI is not quite aware of being charged with the duty of presiding the company. Steve Talley appears to be an innocent realtor who has nothing in common with SAEI, and subsequently his name was removed as an officer.

In addition, domain registry data indicates that SAEI corporate website was registered by Dale Bernhart and was hosted, surprisingly or not, out of Panama. Much to pinkinvesting.com's surprise, it turned out that apart from supatcharesources.com, Mr. Berhart appears to be the host of southridgeminerals.com as well. And Southridge Enterprices (SRGE) is another company, dazzling with its criminal facets, which were just recently revealed by a previous article.

And as the intricate tangle of SAEI saga gets deeper and shadier, it seems that the SEC reaction to the matter came at the very peek of the story. Currently, hopes are being raised that the commission will manage to get to the roots of the intrigue and relegate SAEI to its deserved place – the gray markets at best. Meanwhile, SAEI, which was appropriately nicknamed "The Flying Pink Pig Hallucination", has left numerous shareholders fret and fume about what fate awaits their SAEI shares.