Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.
Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.
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Released on May 29, 2008
The Securities Division of the Saskatchewan Financial Services Commission (SFSC) issued a temporary cease trade order May 27, 2008 against GoldPoint Resources Corporation (GoldPoint), Lino Novielli, Richard Wylie, Jack Anderson and John Matthews. The order expires on June 11, 2008, and may be extended.
The order directs GoldPoint, Novielli, Wylie, Anderson and Matthews to cease trading and advising in securities and exchange contracts.
GoldPoint, which operates a web site, states it is an Ontario based exploration and development stage company concentrating its exploration activities in Ghana, West Africa. GoldPoint, Novielli, Wylie, Anderson and Matthews are not registered in Saskatchewan to sell or give advice about securities.
Commission staff learned that representatives of GoldPoint had contacted residents of Saskatchewan soliciting sales of the company's securities. Upon contacting GoldPoint, the Commission received a written undertaking that neither the company nor its representatives would trade in the securities of GoldPoint in Saskatchewan, without first complying with the requirements of The Securities Act, 1988.
The investigation has determined that representatives of GoldPoint failed to comply with the written undertaking and continued to contact Saskatchewan residents and sell GoldPoint securities to Saskatchewan residents. In doing so, GoldPoint contravened the registration and prospectus requirements of the Act. In addition, while making the sales, GoldPoint representatives made oral representations to investors that were prohibited under the Act.
On April 30, 2008, the Ontario Securities Commission issued a Temporary Cease Trade Order against GoldPoint, Novielli, Wylie and Anderson for similar breaches of the Ontario Securities Act.
Anyone who has been contacted by GoldPoint representatives is asked to contact the SFSC, Enforcement branch at 306-787-5936.
The Securities Division of the Financial Services Commission protects investors by regulating trading in securities in Saskatchewan. Securities are forms of investment such as stocks, bonds and units in mutual funds.
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For more information, contact:
Ken Foster
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-7840
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