Regina tech company faces cease trading order
Last Updated: Tuesday, November 3, 2009 | 6:25 PM CT
CBC News
Saskatchewan's regulator of financial services has issued a cease trading order against a Regina woman and companies she operates that have raised about $4 million from investors.
The enterprises — Teamworx Productions Ltd. and Idendego Inc., described as working on internet development and identity security, and two numbered holding companies — all have Alena Marie Pastuch as their president or senior officer and director.
The Saskatchewan Financial Services Commission said the firms have raised about $4 million from investors in Saskatchewan and Alberta, including $3.4 million in Saskatchewan, beginning in 2007.
The commission said the cease trade order was issued "because Pastuch and the companies are not registered to trade in securities in Saskatchewan."
Saskatchewan, like other provinces, requires that various conditions be met before someone can solicit investments for a venture.
The commission's securities division said it issued the temporary cease trade order Monday to protect investors and that it is investigating.
