N.B. halts trading by Intercontinental Trading Group
Last Updated: Friday, November 6, 2009 | 5:39 PM AT
CBC News
The New Brunswick Securities Commission has issued a temporary order preventing a Panama-based company from trading in the province.
The order affects Intercontinental Trading Group S.A., and two agents, Ron Wallace and Gary McCory.
It's alleged the men solicited New Brunswick residents by phone and email to trade in options for heating oil.
Neither of the men is registered to sell securities in the province, according to the commission.
In addition, the commission alleges that Intercontinental is related to other Panama-based operations, which were banned by the Saskatchewan Financial Services Commission in 2007.
A hearing is scheduled for Nov. 18 to determine whether the temporary ban should be made permanent.
The mandate of the commission, a Crown corporation, is to protect investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets, as well as confidence in those markets.
Anyone who has had recent financial dealings with Intercontinental, Wallace or McCory, or has been approached by them, is urged to contact the commission at 1-888-933-222, or info@nbsc-cvmnb.ca.
