Released on February 23, 2012
Saskatchewan Financial Services Commission (SFSC) issued a Cease Trade Order on February 22, 2012, against UFX Bank, Mike Lane and Amy Walsh.
SFSC has information that UFX Bank and the individuals named, through their website www.ufxbank.com, have defrauded a Saskatchewan resident of approximately $27,000. UFX Bank appears to be UK-based, but authorities in Belgium and Cypress have also issued similar sanctions.
"Individuals should exercise extreme caution when dealing with off-shore companies online," Deputy Director of Enforcement for the Securities Division Ed Rodonets said.
The order directs UFX Bank, Mike Lane and Amy Walsh to cease trading, acquiring and advising in securities and exchange contracts and removes their ability to use any exemptions in Saskatchewan.
Anyone contacted by any representative of UFX Bank should contact SFSC's Securities Division at 306-787-5645.
For more information on the SFSC and their regulatory responsibilities, please visit www.sfsc.gov.sk.ca.
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For more information, contact:
Jennifer Anderson
Saskatchewan Financial Services Commission
Regina
Phone: 306-798-4160
Email: jennifer.anderson2@gov.sk.ca