(October 18 – 16:30 ET) – The
B.C. Securities Commission today
restricted the registration of
mutual fund dealer Canadian Global
Investment Corp. and all its
salespersons after commission staff
conducted an audit of the firm’s
business.
The company is prohibited from
selling exempt securities and must
restrict its business to selling
mutual fund securities, the panel
ruled.
Exempt securities do not afford
investors all the protections that
are attached to securities sold
under a prospectus, including
rights of rescission and full
disclosure of financial information
and investment risk.
The BCSC also said it extended
temporary cease trade orders
against securities of Canadian
Global Financial Group Ltd. and
Envirosonics Technologies Inc.
after the mutual fund dealer and
its salespersons had been selling
to the public in contravention of
the Securities Act.
IE Staff
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