The Alberta Securities Commission (ASC) has issued an interim cease trade order against Shayne Lorne Malsbury and Malsbury Investment Corp.

The order prohibits the parties from trading in any securities and denies them the use of all exemptions contained in Alberta securities laws.

An ASC panel issued the 15-day interim order after hearing evidence from ASC staff that the parties had illegally distributed Malsbury Investment Corp. securities to Alberta residents in the form of promissory notes purporting to pay interest rates of up to 50% per year. ASC staff allege that approximately 171 investors contributed over $12 million to Malsbury Investment Corp. through these promissory notes.

An ASC panel will consider whether to extend the interim cease trade order during a hearing scheduled on June 18.