Cease Trade Orders

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Cease Trade Order Granted Against James Stuart Adams and A25 Gold Producers
by FCNB on 

A panel of the Financial and Consumer Services Tribunal has issued a cease trade order against A25 Gold Producers Corp. and James Stuart Adams for violations of the Securities Act.

The order was issued following a recent hearing before the tribunal. It reciprocates an order previously granted by the Ontario Securities Commission, in which A25 Gold Producers Corp. and Adams admitted to selling securities from Ontario through unregistered trading and illegal distributions to an investor in Canada and investors in Europe. There has been no allegation that any New Brunswick resident invested money with the corporation or Adams.
 
The order requires that the trading in any securities or derivatives of A25 Gold Producers Corp. cease permanently.  It also permanently prohibits the corporation from trading in securities or derivatives, acquiring securities, or becoming or acting as a registrant, mutual fund manager or promoter.  The order also requires Adams to resign all positions that he holds as a director or officer of any issuer, and prohibits Adams from trading or acquiring securities for five years.  Adams is also ordered not to act as a registrant, mutual fund manager, or a promoter, until March 5, 2020.
 
A25 Gold Producers Corp. was incorporated in British Columbia and operated out of Toronto. Adams was president of the corporation and is also the director of Touchstone International Business Services (New Brunswick) Ltd., a company registered in New Brunswick.
 
The order, and the reasons for the decision, is available online.  
 
The Financial and Consumer Services Commission (FCNB) has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. Being an informed investor is the best defence against investment fraud. New Brunswickers are encouraged to become informed investors by using FCNB’s free online resources.  

Hearing from New Brunswickers about suspicious financial and investment activity early is integral to combatting fraud. Please contact FCNB at 1 866 933-2222 for more information, to make a complaint or to express other related concerns.
 
Media Contact:
Communications, 506 643-7045 or 1 866 933-2222. media@fcnb.ca 

The Financial and Consumer Services Commission has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation that regulates the following sectors:  securities, insurance, pensions, credit unions, caisses populaires, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors.

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Cease Trade Orders Issued Against Four Respondents: Sachs International, Charles King, Stratus Financial Group International and Ken Powers
by FCNB on 

Permanent cease trade orders and market bans were issued against four respondents for violations of theSecurities Act. The orders were issued following two hearings both heard before the Financial and Consumer Services Tribunal on 21 October 2014.

 

The four respondents subject to the cease trade orders are as follows: Sachs International S.A. (Sachs), based in London, England and Charles King, a self-identified senior adviser with Sachs; and Stratus Financial Group International (Stratus), based in San Jose, Costa Rica and Ken Powers, a self-identified representative of Stratus. The Tribunal found in both cases that none of the Respondents were  registered to sell investments in New Brunswick.

 

The panel found that the Respondents appear to be a boiler room. Issuing a cease-trade order may help New Brunswickers from suffering losses to “boiler room” activity.

 

A boiler room is a type of fraudulent investment scheme where victims are contacted by telephone and encouraged to send money for the purpose of an investment. Victims are often told that they can expect large profits on their investment. The callers are persistent, use high pressure sales tactics and can be very convincing.

 

 “Being an informed investor is the best defense against investment fraud,” said Jake van der Laan, director of the Enforcement division. “Before sending money, particularly out of country, it’s important to check registration of the person selling investments and ask questions. If an investment seems too good to be true, it usually is.”

 

An investigation into the activities of the respondents began after FCNB received complaints from two New Brunswick residents. One of the residents was cold-called by King, on behalf of Sachs International, about investing in gasoline/fuel futures (derivatives). The other was cold-called by Powers, on behalf of Stratus Financial Group about investing in heating oil contracts (a form of derivative).

 

The commission can provide registration information about someone who is registered to sell securities or provide investment advice in New Brunswick. The commission also provides educational materials about investment products. The public may contact the Commission at 506 658-3060 or 1 866 933-2222 (toll-free) to get further information, to make a complaint or to express other investment-related concerns. Tools and resources are available online.


Media Contact:

Sara Wilson, Communications, 506 643-7045 or 1 866 933-2222. sara.wilson@fcnb.ca

The Financial and Consumer Services Commission has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation that regulates the following sectors:  securities, insurance, pensions, credit unions, caisses populaires, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors.

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Cease Trade Order issued against Colby Cooper Inc. and John Douglas Lee Mason
by FCNB on 

A panel of the Financial and Consumer Services Tribunal (Tribunal) has banned Colby Cooper Inc. and John Douglas Lee Mason from the investment industry in New Brunswick for life.
 
The order bans the company and the individual from operating in New Brunswick capital markets. They cannot trade in securities,  are prohibited from acting as officers or directors of any issuers  and any exemptions to New Brunswick securities law do not apply to them permanently.

The order recognizes an order previously issued by the Ontario Securities Commission, which states that Colby Cooper Inc and Mason solicited people to invest in a fraudulent investment scheme to develop oil and gas properties in Texas and Alberta.

Hearing from New Brunswickers about suspicious financial and investment activity early is integral to combatting fraud. Please contact the Commission at 1 866 933-2222 for more information, to make a complaint or to express other related concerns.

Being an informed investor is the best defence against investment fraud. Learn how to protect yourself by taking advantage of the materials on the commission's website.

The Financial and Consumer Services Commission provides protection to consumers and investors from unfair, improper or fraudulent practices. It brings together regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires, and loan and trust companies. It is an independent Crown Corporation self-funded by the fees and assessments paid by the regulated sectors.

The Financial and Consumer Services Tribunal is an independent adjudicative body established July 1, 2013. The tribunal exercises powers imposed on it by the province's financial and consumer services legislation. Decisions and orders issued by the tribunal are a matter of public record and are available on its website.

13-06-2014

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Texas Energy Mutual ordered to cease trading in securities
by FCNB on 

An order to cease trading in all securities in New Brunswick for three years was issued against Texas Energy Mutual LLC., Fred Wolk, Len Vuolo, and Jay MacDonald Snyder.


The order was issued by the Financial and Consumer Services Tribunal as part of a settlement agreement. In addition to the ban on trading, the respondents agreed to pay an administrative penalty of $5,000 and are denied any exemptions from New Brunswick securities law for three years.

A New Brunswick resident was contacted to invest in an oil-drilling venture in Oklahoma by representatives of Texas Energy Mutual LLC. The resident contacted FCNB immediately to report their concerns.


The representatives and the company were not registered to do business in the province and did not have an exemption from the prospectus requirement. During the solicitation, the sales representatives made representations about return on the investment prohibited by the Securities Act.


Anyone who has been approached by companies with similar offers is encouraged to contact the Financial and Consumer Services Commission (FCNB) immediately at 1 866 933-2222 (toll-free). The public may also contact FCNB to check if a securities salesperson is registered, to make a complaint or to express other investment-related concerns.


Being an informed investor is your best defence against investment fraud. Learn how to protect yourself by taking advantage of the materials available on FCNB’s website.  


The Financial and Consumer Services Commission provides protection to consumers and investors from unfair, improper or fraudulent practices. It brings together regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires, and loan and trust companies. It is an arm’s-length Crown Corporation self-funded by the fees and assessments paid by the regulated sectors.


The Financial and Consumer Services Tribunal is an independent adjudicative body established on 1 July 2013. The Tribunal exercises powers imposed on it by the province’s financial and consumer services legislation.  Decisions and orders issued by the Tribunal are a matter of public record and are available on its website:http://FCNBTribunal.ca.


 

23-05-14

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Temporary Cease-Trade Order issued against Texas Energy Mutual
by FCNB on 

A temporary cease trade order was issued on 7 January against Texas Energy Mutual LLC, Fred Wolk, Len Vuolo, and Jay MacDonald Snyder (Respondents), by the Financial and Consumer Services Tribunal (Tribunal).

 

The ex parte order follows an investigation by the Financial and Consumer Services Commission (FCNB) into concerns reported by a New Brunswick resident.  

 

The order was issued following the presentation of an application to the Tribunal by FCNB staff regarding alleged violations of the Securities Act. The application presented evidence that the respondents recently solicited a New Brunswick resident to invest in an oil-drilling venture in Oklahoma, and promised returns of more than 30 per cent on the investment.  The resident did not invest and instead reported the solicitation to the FCNB.

 

The respondents are not registered to trade in securities in New Brunswick and have not filed a prospectus or a Report of Exempt Distribution with FCNB.

 

The temporary order states that the respondents must cease trading in all securities, that all securities issued by the respondents must cease to be traded and that any exemptions in New Brunswick securities law do not apply.

 

The Tribunal will hold a hearing at 10 a.m. on 21 January at their offices located at 85 Charlotte Street, Saint John.  The hearing is to determine if the temporary order should be made permanent and if any further orders are required.

 

The Financial and Consumer Services Commission provides protection to consumers and investors from unfair, improper or fraudulent practices.

 

The Financial and Consumer Services Commission brings together regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires, and loan and trust companies. It is an arm’s-length Crown Corporation self-funded by the fees and assessments paid by the regulated sectors.

 

10-01-14

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Cease Trade Order Issued Against Goldpoint Resources Corporation
by FCNB on 

A permanent cease-trade order has been issued by the Financial and Consumer Services Commission against Goldpoint Resources Corporation, Lino Novielli, Brian Moloney, and Zaida Pimentel, all of Ontario.

 

Goldpoint Resources Corporation and the named individuals solicited New Brunswickers to invest in a fraudulent investment scheme.

 

The order bans the company and the individuals from operating in New Brunswick capital markets; orders the individuals to resign any position they hold as director or officer of any issuer; and states that any exemptions to New Brunswick securities law do not apply to them.

 

The order recognizes an order issued by the Ontario Securities Commission on 1 February 2013 and follows atemporary one issued by the New Brunswick Securities Commission in 2008.

 

Hearing from New Brunswickers about suspicious financial and investment activity early is integral to combatting fraud and the harm it can do. Please contact the Commission at 1 866 933-2222 (toll-free) to get further information, to make a complaint or to express other related concerns.

 

The Financial and Consumer Services Commission provides protection to consumers and investors from unfair, improper or fraudulent practices. The Provincial government established the Commission on 1 July 2013.

 

The Financial and Consumer Services Commission brings together regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires, and loan and trust companies. It is an arm’s-length Crown Corporation self-funded by the fees and assessments paid by the regulated sectors.


23-08-2013

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