Stockhouse Short Report: Former Immigration Canada official is 500 million-share man

Originally published at Stockhouse.com.Harry Lappa has emerged as a paper millionaire after snapping up hundreds of millions of shares of NSRS, a company with only $16 in the bank. That was before the stock price took off.A former Canadian government official has investor chat rooms buzzing after he recently wound up with an eye-popping 500 million shares of North Springs Resources Corp. (OBB: NSRS, Stock Forum), a heavily promoted U.S. bulletin board stock.While 80 million of those shares were cancelled in December 2011, Harry Lappa remains a wealthy man (on paper anyway) thanks to a paid promotion campaign that sent the junior's stock price soaring above 55 cents this week from less than 1 cent in September.At current levels, North Springs has a market cap of $378.6 million, based on 696 million shares outstanding. The yearly range is 57.5 cents and $0.0075.A Google search of Lappa's track record indicates that the 45-year-old financier is a graduate of the University of Regina in Saskatchewan, and he worked as a financial officer for Immigration Canada from 1989 to 2003. That was before he moved into the penny stock world.Continue reading this article here.