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Released on July 30, 2007
A temporary cease trade order issued July 13, 2007, against Saxon Consultants and MerchantMarx, and their representatives has been extended.
The order, issued by the Saskatchewan Financial Services Commission, directs Saxon Consultants, Ltd., Saxon Financial Services, and its representatives, Sean Wilson, Todd Young and Jack Sinni; Merchant Capital Markets S.A, Merchant Capital Markets, and MerchantMarx, as well as Richard Clifford, to cease trading and advising in securities. The order also removes their right to use exemptions under Saskatchewan securities laws.
Saxon is based in Atlanta, Georgia, USA, and the British Virgin Islands. Merchant Markets is based in Geneva, Switzerland. Both are offering investment opportunities in oil, gas and currency options and have contacted and secured investments from several individuals in Saskatchewan. Neither of these companies, nor the persons named, have been or are registered to trade in securities in Saskatchewan and as a result have contravened the requirements of Saskatchewan securities laws.
"We have been working very closely with other provincial Commissions and as a result there are now similar orders issued in New Brunswick and Ontario against Saxon, Merchant Markets and its representatives," Enforcement branch head Ed Rodonets said. "Two companies that we initially identified as companies of interest, Meisner Inc. based in Costa Rica, and International Monetary Services (IMS) operating out of the Cayman Islands have been named by Ontario and New Brunswick as well."
Any Saskatchewan residents who may have been contacted by these companies, Saxon, Merchant Marx, IMS and especially Meisner Inc. are asked to please call the Saskatchewan Financial Services Commission at 306-787-5936.
The companies subject to the order are not related to Saxon Financial Inc., a legitimate mutual fund company based in Toronto, Ontario.
The complete decision is available at the Commission web site at www.sfsc.gov.sk.ca.
-30-
For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850
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