News Release
BCSC panel permanently cease-trades two purported U.S. companies
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Date:
2011-12-23 -
Number:
2011/98
Vancouver – A British Columbia Securities Commission panel has issued permanent cease trade orders against two purported U.S. companies and their representatives.
The order prohibits High Profit Investment Ltd (HPI), Fortune Investment Group (FIG), Martin Butcher and Robert Meeker from participating in B.C.’s capital markets, and immediately cease-trades securities of the two companies.
HPI advertised its investment scheme in the Financial Services section of Vancouver’s “Craig’s List” website in May of 2011, and promised investors financial returns of ten times the initial amount of their investment within 14 days through foreign exchange trading. In September 2011, a website for FIG appeared on the internet promoting the same scheme. The FIG website was identical to HPI’s website except for small differences.
Both websites contained numerous false statements, such as non-existent New York and Texas business addresses, and false claims that HPI and FIG were registered companies and licensed brokers in those two states.
Both HPI and FIG were approached by a BCSC investigator posing as a potential investor from British Columbia. In both instances, an emailed response was sent to the investigator that reiterated many of the false statements contained on the companies’ websites, in addition to aggressive requests for USD money orders.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the order on our website, www.bcsc.bc.ca, by typing High Profit Investment, Fortune Investment Group, Martin Butcher, Robert Meeker or 2011 BCSECCOM 570 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org