The Saskatchewan Financial Services Commission has issued a cease trade order against an offshore firm that it claims has defrauded a Saskatchewan resident.
The SFSC says that it has cease traded UFX Bank and two individuals, Mike Lane and Amy Walsh, based on information that that, through their website www.ufxbank.com, they have defrauded a Saskatchewan resident of approximately $27,000.
It notes that UFX Bank appears to be based in the UK, but it says that authorities in Belgium and Cypress have also issued similar sanctions. The order directs them to cease trading, acquiring and advising in securities and exchange contracts and removes their ability to use any exemptions in Saskatchewan.
“Individuals should exercise extreme caution when dealing with off-shore companies online,” said Ed Rodonets, deputy director of enforcement for the SFSC’ securities division.