Securities regulators in New Brunswick have reached a settlement with two unregistered investment advisors. Separately, regulators issued cease-trade orders against several companies involved in a purported Texas oil & gas scheme.

The N.B. Securities Commission accepted a settlement agreement between commission staff and Fredericton-based Briand, Harrison & Associates Corp. and two individuals associated with the company — Craig Briand of Fredericton and Stephen Harrison of Kingsley, the NBSC said Tuesday.

The commission also ordered certain market restrictions and sanctions as agreed in the settlement agreement.

The order provides that the respondents are permanently denied all exemptions under N.B. securities laws. It also orders Harrison and Briand to pay a penalty of $6,000 and $2,000 respectively, and costs of $1,000 each.

The settlement agreement and order concern the respondents acting as investment advisers without proper registration under the New Brunswick Securities Act. No investors were harmed as a result of the unregistered activity and the respondents cooperated fully with the NBSC.

In March 2009, the NBSC received a complaint from an individual who had previous experience with Harrison when he owned and operated a failed investment business in Ontario.

Staff began an investigation into the operations of Briand, Harrison & Associates, which held itself as a company offering investment advice. Harrison and Briand made certain misrepresentations about their qualifications and experience while promoting the business.

“Those who provide investment advice in New Brunswick must be registered,” said Rick Hancox, NBSC executive director. “We take aggressive action on those who do not comply with the law to ensure New Brunswickers are protected.”

NBSC takes action on purported Texas Oil & Gas scheme

Also Tuesday, the NBSC issued a cease-trade order against several companies and individuals involved in a purported oil and gas investment scheme.

The order, issued by a panel of the NBSC, bans thee companies and two individuals from operating in the securities industry in the province and provides that any exemptions to N.B. securities laws do not apply.

The cease-trade order affects: Oil International, LLC; Trinidad Oil and Gas Corp.; Black Gold International, Ltd.; Gavin Morgan; and John Andrew.

This order recognizes an order issued by the Saskatchewan Financial Services Commission (SFSC) and is in effect for as long as the SFSC orders are active.

The NBSC issued an investor alert about these companies and individuals in November 2009.

The SFSC order indicates that Oil International LLC was engaged to sell Black Gold International Ltd. securities. It also indicates that Morgan and Andrew may work for one or more of these firms and may be soliciting on their behalf, and that Trinidad Oil and Gas Corp. is a company with an office in Texas.

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