The Saskatchewan Securities Commission has extended temporary cease trade orders issued June 18 against Capital Alternatives Inc., Graham Dorn and Mylo Brost until September 30, 2005. It also ordered that the available exemptions would not apply to the respondents.

In granting the original order, the SSC alleged that Capital Alternatives, Dorn and Brost, “traded in securities in an undefined investment program resembling a prime bank debt instrument investment scheme in Saskatchewan”.

In a “prime” bank scheme, investors are told that their money would be used to purchase and trade discounted financial instruments issued by “prime” banks, a term referring to the top or “prime” international banks, in a clandestine overseas market to generate huge returns. However, neither the investments, nor the market in which they are supposed to trade, actually exist.

The SSC has not received a request from the respondents for a hearing regarding the terms of the temporary order.