Released on December 6, 2010
The Saskatchewan Financial Services Commission (SFSC) is concerned that Allan Moen (Moen) of Edmonton, Alberta may be operating in violation of a temporary order issued in November 2009.
In late 2009, SFSC received information that Moen and the company, West African Industries Ltd. (West African), were selling shares to Saskatchewan residents. West African supposedly is involved in mining and is based in Sierra Leone, Africa. The company also has ties to Las Vegas, Nevada. The Director of Securities Division SFSC issued a Temporary Cease Trade Order on November 17, 2009, against West African, Moen and Louis Supera (Supera). The order has been extended to March 15, 2011. The order has prohibited the company and individuals from trading and advising in securities and exchange contracts, and removed their right to use any exemptions under The Securities Act, 1988. Neither the companies nor the individuals are registered to trade or give advice in securities in Saskatchewan. SFSC is continuing its investigation into this matter.
"Our ongoing investigation has determined that Moen, Supera, and the company have continued to deal with investors in Saskatchewan, Alberta and elsewhere, despite the order," SFSC Enforcement Branch Head Ed Rodonets said. "We believe Moen and Supera are still approaching investors in several locations in Saskatchewan, including areas around Battlefords, Turtleford, Saskatoon, Prince Albert, Melfort, Tisdale, Porcupine Plain and Preeceville. Moen also appears to be offering opportunities in other, yet unnamed companies, while personally ordered to cease trading in Saskatchewan."
This alert is to warn the public to be very cautious when dealing with Moen, Supera and West African about investment opportunities. If you have been contacted by any of them, you should immediately advise the SFSC Enforcement Branch at 306-787-5936.
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For more information, contact:
Ed Rodonets
SFSC
Regina
Phone: 787-5850
Email: ed.rodonets@gov.sk.ca