The Alberta Securities Commission has extended an interim cease trade order against Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited, the ASC said Friday.

The order is based on allegations that the organizations have engaged in illegal trading and distribution of securities in Alberta.

The order prohibits all trading in Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited securities, and prohibits them from trading in any securities or relying on any Alberta securities laws exemptions.

An ASC panel issued the interim cease trade order after hearing evidence from ASC staff that Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited are dealing in and trading in securities to Albertans without registration, a prospectus or use of an applicable exemption.

The British Columbia Securities Commission has also issued a temporary order prohibiting the Cyprus-based company from trading any securities or engaging in any investor relations activities in British Columbia.

In addition, securities commissions in Cyprus and New Brunswick have issued warnings to investors about Genius Investments.

IE