The Alberta Securities Commission has scheduled a hearing for October 12 to consider whether to impose a reciprocal order against Saxon Financial Services Ltd., Saxon Consultants, Ltd., Merchant Capital Markets S.A. and Meisner Inc. S.A., for their activities in New Brunswick.

In the notice of hearing, ASC staff seek an order in Alberta similar to those orders made on July 27 and August 2 by the New Brunswick Securities Commission (NBSC), which prohibits the respondents from trading in securities or using exemptions in New Brunswick.

The NBSC order was based on findings that the respondents had:

  • persistently and aggressively solicited Canadian residents to open investment accounts with respect to gasoline and foreign exchange options;
  • made false or misleading representations of large returns on investments; and
  • failed to register with the NBSC in any capacity.

ASC staff alleges that in 2006 and 2007 some or all of the respondents attempted to conduct trades in securities with Alberta residents.