February 23, 2012 – Saskatchewan Financial Services Commission (SFSC) issued a Cease Trade Order on February 22, 2012, against UFX Bank, Mike Lane and Amy Walsh.
SFSC has information that UFX Bank and the individuals named, through their website www.ufxbank.com, have defrauded a Saskatchewan resident of approximately $27,000. UFX Bank appears to be UK-based, but authorities in Belgium and Cypress have also issued similar sanctions.
“Individuals should exercise extreme caution when dealing with off-shore companies online,” said Ed Rodonets, Deputy Director of Enforcement for the Securities Division.
The order directs UFX Bank, Mike Lane and Amy Walsh to cease trading, acquiring and advising in securities and exchange contracts and removes their ability to use any exemptions in Saskatchewan.
Anyone contacted by any representative of UFX Bank should contact SFSC’s Securities Division at (306) 787-5645.
About the SFSC and SFSC Securities Division
Saskatchewan Financial Services Commission (SFSC) protects consumer and public interests and supports economic well-being through responsive marketplace regulation. We protect Saskatchewan consumers by regulating financial products and service providers in an effective, efficient and balanced manner.
The SFSC’s Securities Division protects investors by regulating the selling of securities in Saskatchewan. Securities are forms of investment such as stocks, bonds and units in mutual funds
For more information on the SFSC and their regulatory responsibilities, please visit www.sfsc.gov.sk.ca.
For more information, contact:
Jennifer Anderson, Saskatchewan Financial Services Commission, Phone 306-798-4160 Email: firstname.lastname@example.org
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