A panel of the New Brunswick Securities Commission has issued a temporary cease-trade order against Texas-based Tycoon Energy Inc., and two of its directors, David Havenor and Matthew Nerbonne, barring them from trading in securities in the province.

The panel issued the order Wednesday because Tycoon Energy Inc. may be soliciting New Brunswickers to invest in a Texas oil well. A hearing into this matter is scheduled for next month.

None of these respondents is registered with the NBSC in any capacity, and none has filed a prospectus or otherwise made any filings in New Brunswick.

NBSC staff allege that at least one New Brunswick resident was solicited to invest in the company’s “Plains Ranch Well No. 1 Joint Venture”.

The resident was provided marketing materials suggesting that this potential future oil well could provide returns of up to in 447% within one year.

Nerbonne, president and CEO of Tycoon Energy Inc., was previously sanctioned by securities regulators in Pennsylvania, Alabama and California. He was indicted for fraud in California.

IE