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Former Advisor Appears to Have Sold Non-Existent Bonds

Released on July 27, 2018

Financial and Consumer Affairs Authority of Saskatchewan (FCAA) issued a Temporary Cease Trade Order against Vincent John Mullee and Vince Mullee Financial Inc. on July 25, 2018.

FCAA Securities Division Staff allege that Mullee sold bonds to investors under the names of, among others, “BBS-Cameco 25 Year Bonds at 6.5 per cent”, “IAP Bond-EXC”, and “PGA TSX No. 50” and that these bonds do not exist.  It appears that investors sent money to Vincent John Mullee via his company, Vince Mullee Financial Inc., to pay for the bonds, and that the money was spent on personal and/or corporate expenses.  FCAA Securities Division Staff allege that approximately $2.1million was taken from an estimated 13 investors and that Mullee may be attempting to solicit additional funds from others.

“Investors should never make a cheque payable to a financial advisor personally or to a financial advisor’s personal company, it should only be payable to the registered dealer or issuer of the securities,” FCAA Acting Deputy Director of Enforcement Harvey White said.  “Another warning sign of suspicious activity is a quick turnaround time.  If someone is pressuring you to act fast or the deal will be gone, be cautious.”

Vincent John Mullee is a resident of Saskatoon, Saskatchewan. His registration as a dealing representative of an Exempt Market Dealer was terminated on June 26, 2018.

Anyone who is or has been contacted by Mullee, or who has purchased securities or derivatives including bonds from him, should immediately contact the FCAA Securities Division at 306-787-5936.

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For more information, contact:

Shannon McMillan
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: shannon.mcmillan@gov.sk.ca


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