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CEASE TRADE ORDER ISSUED AGAINST REGINA BUSINESSMEN

Released on May 30, 2006

The Securities Division of the Saskatchewan Financial Services Commission has issued a Temporary Cease Trade Order against Fernando Fagundes (alias "Shane Silver"), Kim Kowalchuk, Allan Kowalchuk and Reginald Goebel of Regina.

Fagundes, originally from Portugal, was convicted of fraud and income tax evasion in the United States and deported back to Portugal in 1999. He has been living in Regina since 2003.

Fagundes (Silver), Kim Kowalchuk, Allan Kowalchuk and Goebel were involved in an investment business that operated out of 323 Lorne Street North in Regina until April 24th, 2006. The business offered portfolio management services and invested money for individuals through on-line trading services. Classes on how to invest were also offered.

"The temporary order was issued because the respondents were illegally acting as portfolio managers without being registered in Saskatchewan. We don't know whether they are still in operation," Securities Division's enforcement branch head Ed Rodonets said. "We do know that Fagundes is not the type of individual we want involved in trading in securities in Saskatchewan."

The Cease Trade Order is posted on the Securities Division's Web site at www.sfsc.gov.sk.ca.

Individuals who have done business with Fernando Fagundes (Shane Silver), Kim Kowalchuk, Allan Kowalchuk or Reginald Goebel, are asked to contact the Securities Division of the Financial Services Commission at (306) 787-5850.

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For More Information, Contact:

Ed Rodonets
Justice
Regina
Phone: (306) 787-5850

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