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Decision Against Landbankers International

Released on February 13, 2014

Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has ordered that Landbankers International MX, S.A. De C. V, cease trading in or acquiring securities and that they cease advising Saskatchewan residents on securities, trades or exchange contracts.  As well, they have been fined $50,000.

FCAA’s evidence shows that Landbankers raised $3 million from several Saskatchewan residents to allegedly develop approximately 6.8 kilometers of beach front property on the west coast of Mexico, near a turtle sanctuary.  The development was promoted as including condominiums, a golf course designed by Jack Nicklaus, an airport and a marina.  An additional $2 million is believed to have been raised in other Canadian provinces.

Landbankers contravened Saskatchewan securities laws by failing to register in any capacity with FCAA, by never claiming any exemptions, and by claiming that the securities they sold would be listed on an exchange and would have a certain future value.

Mr. Kelly Friesen, formerly of Warman and Ms. Sonja McAdam, formerly of Christopher Lake sold Landbankers securities to Saskatchewan residents without being registered to trade or advise in securities in the province. 

Friesen and McAdam reached a settlement with FCAA in March of 2013 in which they agreed to:
  • Cease acquiring, trading, or advising residents of Saskatchewan in securities matters;
  • Resign from and be banned from acting as a director/officer of an issuer, registrant, or investment fund manager;
  • Be banned from working in any capacity related to the trade of securities in Saskatchewan;
  • $50,000 fine for Friesen; and
  • $4,500 fine for McAdams.
Alberta and New Brunswick securities regulators have also issued Cease Trade Orders against Landbankers, Friesen, and McAdams. 

Being an informed investor is one of the best defences against investment fraud.  Before investing follow these simple steps: check registration and disciplinary history on www.securities-adminstrators.ca, check the news, search the internet and contact the Securities Division of FCAA.

Anyone contacted in the future by Landbankers, its representatives, or by any other questionable person or company soliciting investments should contact FCAA’s Securities Division at 306-787-5645.

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For more information, contact:

Daniela Machuca
Financial and Consumer Affairs Authority of Saskat
Regina
Phone: 306-798-4160
Email: daniela.machuca@gov.sk.ca

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