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Released on March 13, 2008
The Director of Securities Division of the Saskatchewan Financial Services Division (SFSC) issued a Temporary Cease Trade Order on March 13, 2008, against Sierra Madre Holdings MX S.A. de C.V., L&B Landbanking Trust S.A. de C.V. and several of its representatives, including: Brian J. Wolf Zacarias, the senior officer and major owner of Sierra Madre; Roger Ayuso, the president of Landbankers International; Alan Hemingway, CEO of Sierra Madre; and sales representatives Jason Rogers, Dave Urrutia, and Ed and Kim Moore. The order expires on March 28, 2008, and may be extended.
The Director has ordered these companies and individuals to cease trading and advising in securities and exchange contracts. None of them is registered to trade or give advice in securities in Saskatchewan. Therefore, the Director believed that it was in the public interest to issue the temporary cease trade order.
In October 2007, the SFSC began investigating the activities of Landbankers International (LBI), a company based in Puerto Vallarta, Mexico. LBI and two of its Saskatchewan based representatives, Kelly Friesen of Warman and Sonja McAdam of Christopher Lake were illegally selling the securities of LBI. The Director therefore issued cease trade orders against them.
LBI sent letters to investors after the issuance of the orders stating that the publicity has negatively impacted the company's sales. SFSC investigators have learned that LBI has contacted Saskatchewan residents who purchased LBI securities. These investors were offered the option of getting a refund of their investment in LBI, or of exchanging their LBI securities for limited partnership units of a "new company" called Sierra Madre Holdings MX, S.A. de C.V. (Sierra Madre). The LBI investors were also encouraged to invest new money and purchase additional limited partnership units. Sierra Madre is operated by the same individuals as LBI and has the same sales representatives.
"This is the third time in the past five months where a company that is the subject of a SFSC cease trade order has tried to avoid negative press by creating a 'new' company with a different name," Enforcement branch head Ed Rodonets said. "More and more investors are researching before they invest. So that the public has notice of improper trading activity, the SFSC seeks to promptly issue cease trade orders when there is clear evidence that a company is illegally selling its securities."
Anyone who is contacted by Sierra Madre Holdings, Landbankers International or any of its representatives is asked to contact Ed Rodonets of the Saskatchewan Financial Services Commission at 306-787-5850.
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For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850
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