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Texas Energy Mutual ordered to cease trading in securities

Cease Trade Order.

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: