Released on November 28, 2007
The Saskatchewan Financial Services Commission issued a temporary cease trade order on November 26, 2007, against Landbankers International MX, S.A de C.V. and Kelly Friesen. Friesen resides in Warman, Saskatchewan. The order directs Friesen and the company to cease trading in securities and exchange contracts. It also removes their right to use exemptions in Saskatchewan securities laws.
The Enforcement branch has information that Kelly Friesen is contacting Saskatchewan residents to sell shares in Landbankers International. On its website, the company holds itself out as being a "highly profitable, fast growing land banking company" operating out of Puerto Vallarta, Mexico.
Kelly Friesen, acting on behalf of Landbankers International, has sold the company's shares to more than 150 investors in Saskatchewan, and to investors elsewhere in Canada. He has promised that the company's shares will be listed on the Boursa in Mexico.
"The temporary cease trade order was issued because Kelly Friesen and Landbankers International have contravened Saskatchewan securities laws. They sold the company's shares without being registered and without having received a receipt for a prospectus," Securities Division's Enforcement branch head Ed Rodonets said. "They also breached the prohibition against making a representation that the shares would be listed on an exchange."
Anyone who is contacted by Kelly Friesen or representatives of Landbankers International is asked to contact Ed Rodonets of the Saskatchewan Financial Services Commission, Enforcement branch at 306-787-5850.
The order expires on December 11, 2007, and may be extended. The Director of the Securities Division can issue a temporary cease trade order for a 15 day period as an interim measure when necessary in the public interest. The temporary order can be extended should the need arise.
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For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850