News Release

BCSC Executive Director’s Bulletin: Securities regulator issues notice of hearing and temporary orders for alleged foreign exchange fraud

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Vancouver – The executive director of the British Columbia Securities Commission has issued temporary orders and a notice of hearing against two purported companies and their representatives. The commission is alleging that individuals representing the companies were promoting a fraudulent foreign exchange scheme.

The order temporarily prohibits High Profit Investment Ltd (HPI), Fortune Investment Group (FIG), Martin Butcher and Robert Meeker from participating in B.C.’s capital markets, as set out in the order.

The notice alleges that individuals representing themselves as Martin Butcher and Robert Meeker promoted a fraudulent investment scheme through HPI and FIG, respectively.

The notice also alleges that HPI advertised its investment scheme in the Financial Services section of Vancouver’s “Craig’s List” website in May of 2011, and promised investors a guaranteed, risk-free rate of return 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.

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 contained numerous false statements and requests that USD money orders to be sent to the same New York address.

The executive director has also ordered that Butcher, Meeker, HPI and FIG be cease-traded until the conclusion of the hearing.

These allegations have not been proven. Counsel for the executive director will apply for final orders against the parties on the same terms as the temporary order. The first hearing into the allegations before a panel of commissioners is set for December 22, 2011 at 9:00am.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website by typing High Profit Investment, Fortune Investment Group, Martin Butcher, Robert Meeker or 2011 BCSECCOM 545 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).

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