Released on January 23, 2008
The Saskatchewan Financial Services Commission issued a temporary cease trade order against Sonja A. McAdam of Choiceland, Saskatchewan. McAdam is a representative of Landbankers International MX, S.A. de C.V. Landbankers International is the subject of a temporary cease trade order that is still in force. McAdam continued to sell shares of Landbankers International in contravention of the temporary cease trade order.
The order issued January 22, 2008, directs McAdam to cease trading in securities and exchange contracts. It also removes her right to use exemptions in Saskatchewan securities laws.
The Enforcement branch has determined that through McAdam, Landbankers is continuing to contact Saskatchewan residents to sell shares of Landbankers International. This is in contravention of the temporary cease trade order issued against the company on November 26, 2007, which was extended on December 11, 2007, and is still in force.
On its website, the company holds itself out as being a "highly profitable, fast growing land banking company" operating out of Puerto Vallarta, Mexico. In its solicitation, the company also promises that its shares will be listed on the Mexican Stock Market, known as the Bolsa.
Representatives of Landbankers International, including McAdam, have promoted and sold the company's shares to several hundred investors in Saskatchewan, and to many more investors elsewhere in Canada.
"The temporary cease trade order was issued because Sonja A. McAdam and Landbankers International have contravened Saskatchewan securities laws," Securities Division's Enforcement branch head Ed Rodonets said. "They have promoted and sold the company's shares without being registered and without having received a receipt for a prospectus. They also breached the previous cease trade order issued in November and extended in December 2007 by allowing representatives of the company to continue solicitation. Under the cease trade order, no representatives from Landbankers can solicit or take any action in furtherance of a trade with any residents of Saskatchewan."
Anyone contacted by Sonja A. McAdam, or by any person representing Landbankers International, is asked to contact Ed Rodonets of the Saskatchewan Financial Services Commission, Enforcement Branch at 306-787-5850.
The order expires on February 6, 2008, and may be extended. The Director of the Securities Division can issue a temporary cease trade order for a 15 day
-30-
For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850