News Release - June 23, 2009
TEMPORARY CEASE TRADE ORDER ISSUED
The Saskatchewan Financial Services Commission (SFSC) issued a Temporary Cease Trade Order on June 23, 2009, against Shire International Real Estate Investment Ltd., Hawaii Fund, Maples and White Sands Investment Ltd., Shire Asset Management Ltd., (Shire), and Jeanette Cleone Couch (Couch). The order expires on July 7, 2009, and may be extended.
The Commission has ordered Shire and Couch to cease trading and advising in securities and exchange contracts, and has also removed their right to use any exemptions under The Securities Act, 1988. The Commission believed that it was in the public interest to issue the temporary cease trade order.
The SFSC was alerted to the activities of Shire, a company based in Alberta, as well as its director, Couch, who have contacted residents of Saskatchewan and other provinces in Canada to solicit the purchase of securities in numerous projects. Shire and Couch have been trading in the securities of the Hawaii Fund and Maples projects since November 2008 in Saskatchewan. According to the Offering Memorandums, the proposed closing date for the Hawaii Fund can be extended until April 28, 2010, while the Maples closing date may be determined by the corporation from time to time.
"We are working with the Alberta Securities Commission (ASC), who has taken the lead on this matter," SFSC Enforcement Branch head Ed Rodonets said. "Their investigation has led us to believe that there has been a failure by the respondents to disclose key information to investors of the Hawaii and Maples funds and raises concerns that statements to investors may have been misleading and untrue, which are violations of the Securities Act. The ASC issued their order and have extended it, awaiting a hearing or decision on their matter. We work very closely with the ASC and other commissions, routinely sharing information that affects investors in our respective provinces."
Anyone who is contacted by Shire or Couch is asked to contact the Saskatchewan Financial Services Commission Enforcement Branch at 306-787-5936.
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