(December 12, 2006) The British Columbia Securities Commission has imposed fines totaling $65,000 on two Vancouver men who pleaded guilty to spreading false information about a publicly traded company.
Firoz Jinnah and Ingo W. Mueller agreed to pay BCSC $25,000 and $40,000, respectively. Both men cannot be directors or officers of any company except in exceptional circumstances, nor can they engage in any investor relations activities for at least 18 months in Jinnah’s case and 36 months in Mueller’s case.
Jinnah was the president of Exotics.com, a Nevada-incorporated company headquartered in Vancouver that trades stocks in the US. Jinnah reported to Mueller, the head of St. George Capital, the company providing management services to Exotics.com.
In the plea agreement, the two admitted sending press releases, faxes and email notifications containing materially false or misleading statements about Exotics’ revenues in 2001.
After the warnings were issued, the company’s share price and trading volume increased. Exotics also made misleading statements in its financial statements filed with the U.S. Securities and Exchange Commission.
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US interest rates remain unchanged
(December 12, 2006) The U.S. Federal Reserve left its overnight lending rate unchanged at 5.25%, citing only moderate inflationary pressures.
“Economic growth slowed over the year, in part reflecting a significant cooling in the housing market,” the Fed said in a statement. “Although recent indicators have been mixed, the economy appears poised to grow at a sustainable pace at a moderate pace in the coming quarters.”
However, the Fed added that some inflation risk remains, leaving the door open for possible interest rate increases in 2007. The Fed has kept rates steady since June.
As of May, the Bank of Canada interest rate is 4.25%.
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Transamerica Life launches three segment funds
(December 12, 2006) Transamerica Life Canada has introduced three new spin-off funds to the imaxxGIF fund family: imaxx Canadian Dividend GIF, imaxx TOP Canadian Balanced GIP and imaxx TOP Income GIP.
All three funds will be managed by AEGON Capital Management and will be available for immediate purchase.
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Man Investments takes full control of the hedge fund
(December 12, 2006) Man Investments Canada announced that it has accepted the role of successor manager of the Man Multi-Strategy (Canada) fund from BluMont Capital. Earlier this year, Man purchased the fund, formerly known as the BluMont Man Multi-Strategy Fund, from BluMont.
“Given our commitment to this market and the recent opening of our Canadian office, it makes sense for our team to distribute and support this product directly to investment advisors,” says Toreigh Stuart, CEO of Man Investments Canada. “The availability of this investment vehicle is a significant part of our overall plan to provide local access to the types of products that have proven to be extremely successful for the company in other parts of the world.”
The fund is available to individual and institutional investors. The minimum investment is $25,000.
Man Global Strategies, the UK branch of Man Investments, will continue to be responsible for managing the investment portfolio.
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Richardson Partners appoints executive director
(December 12, 2006) Richardson Partners Financial has named Warren Reynolds as senior vice president, Western Canada.
Reynolds, previously regional vice president in Edmonton, will now be responsible for Richardson’s growth strategy in Western Canada by bringing new advisors to the company while helping others build on their successful practices.
“Since joining our team in May 2004, Warren has played a key role in supporting new investment advisors through the transition while helping them continue to grow their practices through access to the extensive resources and exclusive wealth management solutions that Richardson has to offer Partners Financial, said the company’s CEO Sue Dabarno in a statement.
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(12/12/06)
