British man admits inventing fake takeover bid for Canadian oil explorer

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeOil & GasFinancial TimesBritish man admits inventing fake takeover bid for Canadian oil explorerChristopher Woolcott used false identities and forged documents in hope of benefiting from rise in Touchstone Exploration shares, says regulatorAuthor of the article:Touchstone Exploration is a Calgary-based oil and gas exploration and production company with most of its operations in Trinidad and Tobago. Photo by PATRICK FORT/AFP via Getty ImagesThe British creator of a fake takeover bid for a Canadian oil exploration company listed in London and Toronto pleaded guilty on Thursday to four counts of fraud and forgery.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountChristopher Woolcott has admitted inventing a takeover bid for Touchstone Exploration, using multiple false identities and forged documents, the Financial Conduct Authority said.The United Kingdom financial regulator, which has been investigating Woolcott since 2025, said he stood to benefit financially from any upward move in Touchstone’s share price if the sham bid had been announced to the market.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againWoolcott, 44, from Greenwich in London, pleaded guilty at Westminster Magistrates’ Court to one count of fraud by false representation and three counts of making a false instrument. He is due to be sentenced at a later date.Isaac Mirza, a lawyer representing Woolcott, did not respond to a request for comment.Touchstone, which discovered the bid was a fake and informed the FCA, is a Calgary-based oil and gas exploration and production company with most of its operations in Trinidad and Tobago.The FCA said it was not investigating Touchstone, which is listed on London’s Aim market and on the Toronto Stock Exchange, in connection with the case. Touchstone did not respond to a request for comment.“Fake bids, forged documents and false identities have no place in our markets,” said Steve Smart, the authority’s executive director of enforcement and market oversight. “Investors must be able to trust information that affects share prices. The FCA will take action against those who use deception and threaten that trust.”The U.K. regulator warned in a newsletter in April that it was concerned about an increase in small listed companies “being targeted directly as part of potentially manipulative schemes to affect those issuers’ share prices”.There is a long history of fake takeover bids for companies.One of the best-known examples was an US$8.2 billion tender offer for Avon by a company called PTG Capital Partners that sent shares in the United States cosmetics seller sharply higher after it was filed via the SEC website.U.S. prosecutors later charged Nedko Nedev, a Bulgarian citizen, with market manipulation over the Avon bid, alleging he filed a “sham tender offer” to “enrich himself and mitigate trading losses”. U.S. authorities found PTG Capital had been a fictitious UK entity.False bids have also surfaced in recent years for other well-known companies, such as Twitter and Fitbit, seemingly part of attempts by traders looking to profit from moves in their share prices.© 2026 The Financial Times LtdWe apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.