Securities regulators in Nova Scotia have extended a temporary cease trade order against a former mutual fund rep suspected of unregistered trading, so that it can continue its investigation.

The Nova Scotia Securities Commission (NSSC) announced that it has extended a temporary cease trade order against former rep, Michael Harrigan, and adjourned its planned hearing that was scheduled for July 31. Earlier this month, the NSSC issued a 15-day CTO against Harrigan, pending a hearing. The hearing has now been put off to a future date to be arranged by the commission.

“It is common practice for a temporary order to be extended when an investigation is ongoing,”said Heidi Schedler, enforcement counsel at the NSSC. “The extension order provides investor protection to Nova Scotians while we continue our investigation.”

NSSC cease trades former rep

The NSSC says that Harrigan, a former rep that is no longer registered, “appears to have violated Nova Scotia securities laws by trading in securities without being registered.”He has been ordered to cease acting as a registered rep and to cease trading in securities for anyone other than himself until a hearing is held and a decision is made by the commission. He has not been charged with any specific allegations, and nothing has been proven.