The Alberta Securities Commission (ASC) has further extended an interim cease trade order issued against Focused Money Solutions Inc. and Victor George DeLaet.

DeLaet is a director and shareholder of the firm. He is also the firm’s “controlling mind”, according to the ASC.

The ASC order is based on allegations that Focused Money Solutions and DeLaet have made untrue or misleading statements to investors.

Focused Money Solutions offerings have variously taken the form of sales of debentures, warrants, units consisting of a combination of debentures and warrants, and common shares. To date, the offerings have raised over $46 million from investors, the ASC says.

The order prohibits all trading in Focused Money Solutions securities and prohibits Focused Money Solutions and DeLaet from trading in securities or relying on Alberta securities laws exemptions.

The order will remain in effect until Focused Money Solutions and DeLaet provide additional information to the ASC panel.

At that time, the ASC says the panel will make a further determination concerning whether it is in the public interest to extend the order.

IE