News Release

Vancouver – The B.C. Securities Commission has imposed cease trade orders against a number of Central American-based firms and individuals who traded securities without registration in British Columbia.

In two related agreements, the BCSC reached settlements with the firms and individuals involved in a foreign currency trading network operating out of Central America that solicited investments from British Columbia residents.

In one settlement, Financial Trading Group International, Kevin R. Moran, International Currency Traders, S.A. (ICT) and Brian Tierney, admitted that since March 2002, Financial traded in “off-exchange foreign currency option contracts” for B.C. investors through the company’s website. Financial, Moran and Tierney traded for a Vancouver investor when there were BCSC temporary orders prohibiting Financial and Moran from doing so.

Financial, Moran and Tierney traded the foreign currency options without registration under the Securities Act. For this, they have been ordered to cease trading in any securities until they are registered under the Act, and:
· Moran must pay the BCSC $15,000
· Tierney must pay $5,000
· Financial must post on its website a notice that all investments are not available to B.C. residents.

In the other settlement, Quest Capital Enterprises, Ltd., Capital Management International and Dwayne A. Daley, admitted that since March 2002, Quest, through its website and newspaper advertisements, traded “off-exchange foreign currency option contracts” for B.C. investors. They did this trading without registration under the Act. In addition to a cease trade order against them, Daley has also agreed to pay the BCSC $5,000.

Both Financial and Quest purport to be engaged in foreign currency trading on behalf of investors. Capital and ICT were used to receive investment funds from investors interested in using the services of Financial and or Quest. Daley is the president of Quest. Moran is the associate vice-president and general manager of Financial. Tierney is a currency trader with Financial.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement agreements can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.