TORONTO, May 20 /CNW/ - As a result of an application initiated by the
Ontario Securities Commission (OSC), the Superior Court of Justice today
continued an Order freezing all funds held in a bank account in the name of
Nest Acquisitions and Mergers until June 19, 2009.
Today's Order by the Superior Court of Justice continues the original
Commission direction made on April 8, 2009 under section 126(1) of the
Securities Act for the interim preservation of property.
In an affidavit filed in Superior Court, OSC Staff allege that
representatives of Nest Acquisitions and Mergers ("Nest") contacted residents
of the United Kingdom by telephone with offers to purchase, often at a
significant premium, certain securities held by the U.K. residents. It is
further alleged that, in order for the transactions to be completed,
representatives of Nest would advise the U.K. resident that an "advance fee"
had to be paid to the Nest bank account in Ontario before the transaction
could proceed. OSC Staff also allege that the residents of the United Kingdom
who provided these "advance fees" to Nest did not subsequently receive what
they had been promised by the representatives of Nest.
Staff's investigation in respect of Nest Acquisitions and Mergers is
ongoing. Those persons interested in reviewing the application and supporting
affidavit in this matter should access through the Superior Court of Justice
330 University Avenue, 7th floor, Toronto, Ontario, and reference Court File
For further information:
For further information: For Media Inquiries: Wendy Dey, Director,
Communications & Public Affairs, (416) 593-8120; Laurie Gillett, Manager,
Public Affairs, (416) 595-8913; Carolyn Shaw-Rimmington, Assistant Manager,
Public Affairs, (416) 593-2361; For Investor Inquiries: OSC Contact Centre,
(416) 593-8314, 1-877-785-1555 (Toll Free)