Released on November 19, 2009
The Director of Securities Division of the Saskatchewan Financial Services Commission (SFSC) issued a Temporary Cease Trade Order on November 17, 2009, against West African Industries, Allan Moen and Louis Supera. The order expires on December 1, 2009, and may be extended.
The Director has ordered this company and individuals to cease trading and advising in securities and exchange contracts, and has also removed their right to use any exemptions under The Securities Act, 1988. The Director believed that it was in the public interest to issue the temporary cease trade order, as neither the company nor the individuals are registered to trade or give advice in securities in Saskatchewan.
In early November, 2009, the SFSC was alerted to the activities of West African Industries, a company supposedly based in Sierra Leone, Africa with a company address in Las Vegas, Nevada. As well, it appears that its representatives had contacted Saskatchewan residents advising that West African was involved in mining and timber and they were offering to sell shares in the company. Moen is believed to be a resident of Edmonton, Alberta.
"Our investigation has determined that Moen, Supera and the company have directed some of its marketing activities toward Saskatchewan investors," SFSC Enforcement Branch Deputy Director Ed Rodonets said. "We believe that there may be investors in other provinces as well. The SFSC has advised other provincial regulators of the activities of the company and individuals, and will continue to work closely with them."
Anyone who is contacted by Moen, Supera, West African Industries 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