NB 724
May 14, 2008
SAINT JOHN (CNB) - The New Brunswick Securities Commission (NBSC) has issued a temporary cease-trade order against Goldpoint Resources Corporation, Lino Novielli, Brian Moloney, Evanna Tomeli, Robert Black, Richard Wylie, Jack Anderson and Jim Corcoran (together the respondents). The commission issued the temporary cease-trade order, effective immediately, following an ex parte hearing held on Monday.
The order directs the respondents to cease trading in all securities, including without limitation, the solicitation of trades or acts in furtherance of a trade for a period of 15 days. The respondents are also prohibited from using any exemptions under the Securities Act.
Goldpoint Resources Corporation presents itself as a company selling investments in a potential gold mine in Ghana, West Africa. Staff of the commission presented evidence that this company was using a "virtual" office in Toronto, Ontario and soliciting New Brunswick investors by phone. Potential clients were referred to a website, http://www.goldpointresources.com, that staff allege was copied from another website to make the operation appear legitimate to any potential investor.
An investigation by commission staff revealed that the respondents were not registered with the NBSC, nor did they file any documentation with the NBSC.
The commission issues temporary cease-trade orders where there is the potential of immediate public harm. A further hearing will be held on 26 May, 2008 to determine whether the temporary cease-trade order should be permanent, or if other actions need to be taken against the Respondents.
Commission staff have worked closely with the staff of the Ontario Securities Commission in their investigation of the respondents. The Ontario Securities Commission has also recently issued a cease trade order in this matter.
"New Brunswick investors must be cautious when making investment decisions with strangers offering good deals, particularly over the phone," said Rick Hancox, executive director of the NBSC.
"These cease-trade orders highlight the need for investors to ask the right questions and review investment opportunities carefully," Hancox said. "Don't get pressured into making a rushed decision."
If you have been contacted by a person acting on behalf of the people or entities listed above, please call the commission's Enforcement Division at 1-866-933-2222.
The New Brunswick Securities Commission is the Crown corporation that regulates the securities industry in New Brunswick. It is funded indirectly by investors through industry. Its mandate is to protect investors from unfair, improper or fraudulent practices and foster fair and efficient capital markets, as well as confidence in those markets.
08/05/14
MEDIA CONTACT: Heather Campbell, communications and information officer, New Brunswick Securities Commission, 506-643-7745.
08/05/14