Securities regulators in New Brunswick are seeking cease trade orders against firms based in Singapore and Hong Kong that, they say have been aggressively cold calling investors in that province.
Staff of the New Brunswick Securities Commission are requesting permanent cease-trade orders against MI Capital Corp. of Hong Kong, One Capital Corp. Ltd. of Singapore, along with two men purportedly working as “trading advisors” for the two firms, Scott Parker and Sean Ayears. It says that all four have violated the province’s securities laws by soliciting investments in gold options using high-pressure sales tactics and without being registered.
The allegations have not been proven, but a hearing panel of the commission is set to hear the charges on June 11.
The NBSC says that two New Brunswick residents have reported their suspicions to the commission after being cold-called, and commission staff allege that they were offered investments in gold options which they were told would deliver high rates of return.
The Manitoba Securities Commission has also issued a warning about MI Capital touting gold options to investors in that province. The MSC notes that the website used by MI Capital is essentially the same as a website used by Asean Commodities Inc (also known as Asean Finance Corporation Limited, Asean Commodities Inc. Limited and Asean Commodities Inc.), which the Australian Securities and Investments Commission (ASIC) has issued warnings about, too.