Released on December 12, 2007
Aided by an investigation initiated by the Saskatchewan Financial Services Commission, the U.S. Securities and Exchange Commission (SEC) has recently suspended trading in the shares of Kimber-X Resources Corporation.
Acting on a complaint from a local business, the Saskatchewan Financial Services Commission started an investigation into the activities of Kimber-X Resources, a company with a Regina address. The investigation specifically related to questionable information posted to the company's web site. In the course of the investigation, it was learned that the company was incorporated in the United States. Information shared with the U.S. Securities and Exchange Commission, the primary regulator of the U.S. securities market, resulted in a temporary suspension of trade order being issued against Kimber-X Resources by the SEC on December 5, 2007.
To date there have been no identified Saskatchewan investors in Kimber-X Resources nor any complaints from Saskatchewan residents about the company. As a result, no further action against the company was taken by Saskatchewan Financial Services Commission.
"Although this case didn't involve Saskatchewan investors, our actions helped to protect the reputation of our markets and the issuers who operate in our markets," Securities Division's Enforcement branch head Ed Rodonets said. "It is also a great example of how securities regulators can work together effectively."
The Saskatchewan Financial Services Commission protects consumer and public interests and supports economic well-being through responsive financial marketplace regulation. The Commission enhances consumer protection through licensing, registration, audit, complaint handling and enforcement activities pursuant to various provincial statutes.
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For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850