CALGARY, March 10 /CNW/ - The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited based on allegations that they have engaged in illegal trading and distribution of securities in Alberta.
The Interim Cease Trade Order is in effect until March 24, 2010 and prohibits all trading in Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited securities. The order also prohibits Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited from trading in any securities or relying on any Alberta securities laws exemptions. An ASC panel issued the Interim Cease Trade Order after hearing evidence from ASC staff that Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited are dealing in and trading in securities to Albertans without registration, a prospectus or use of an applicable exemption.
The British Columbia Securities Commission has also issued a temporary order prohibiting Genius Funds from trading any securities or engaging in any investor relations activities in British Columbia. In addition, securities commissions in Manitoba and New Brunswick have warned investors about Genius Funds.
The next appearance has been scheduled for 9 a.m., March 19, 2010 in the ASC Hearing Room on the 6th Floor, 300 - 5th Avenue S.W., Calgary, Alberta. At that time, an ASC panel will consider extending the interim order.
A copy of the Interim Cease Trade Order and the Notice of Hearing can be found at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission
For further information: For further information: For Media Inquiries: Tamera Van Brunt, Director, Communications and Investor Education, (403) 297-2664; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488