ASC Permanently Bans International Promoters From Alberta Market



    CALGARY, Nov. 9 /CNW/ - The Alberta Securities Commission (ASC) has
permanently banned three companies who used high-pressure sales tactics and
promises of unrealistically high returns to drum up business in Alberta.
    An ASC panel has ordered that Saxon Financial Services Ltd. based in
Atlanta, Georgia and the British Virgin Islands, Merchant Capital Markets S.A.
based in Geneva, Switzerland (carrying on business as Merchantmarx), and
Meisner Inc. S.A. based in Costa Rica (carrying on business as Meisner Inc.)
permanently cease trading in or purchasing securities or exchange contracts
and the panel has denied them the use of all exemptions under Alberta
securities laws. The companies must also permanently cease disseminating any
type of information that relates to investing in, purchasing or selling
securities or exchange contracts.
    The ASC panel based its decision on two New Brunswick Securities
Commission (NBSC) orders of July 27 and August 2, 2007 that permanently barred
the companies from trading in securities and denied them the use of any of the
exemptions available under New Brunswick securities laws. The NBSC order was
based on findings that the companies had:

    
    -  persistently and aggressively solicited Canadian residents to open
       investment accounts with respect to gasoline and foreign exchange
       options;

    -  made false or misleading representations of large returns on
       investments; and

    -  failed to register with the NBSC in any capacity.
    

    In its decision, the ASC panel found evidence of "Alberta residents being
aggressively pursued by Saxon Financial and Meisner in 2006 and 2007 to invest
in futures contracts and options" and referencing "double and triple digit
returns." The panel concluded, "Alberta investors, and the integrity of the
Alberta capital market... would be at risk were we not to take such protective
and deterrent action." None of the companies were authorized to conduct
business in the province.
    The ASC panel dismissed Staff's allegations against Saxon Consultants,
Ltd. due to insufficient notice.

    Saxon Financial Services Ltd. is not related to Saxon Financial Inc.
(SFI), a TSX traded financial management company with a similar name.

    A copy of this decision can be found on the ASC website 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.





For further information:

For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481, media@seccom.ab.ca; For Investor
Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890