The New Brunswick Securities Commission is investigating a company known as X4 Technologies Inc. for potentially raising money from investors despite having ceased operations a couple of years ago.

The NBSC said Wednesday that it has filed a motion requesting a temporary cease-trade order be issued pending the completion of its investigation into X4 Technologies and several individuals.

The allegations have not been proven, and the motion will be heard on February 3.

In the materials filed in support of the motion, staff of the NBSC claims that X4 Technologies is purported to be in the business of software development, but has not been in operation since mid-2008. Yet, it also alleges that several people, both inside and outside of the province, have invested in the company. None of the respondents in the case has ever been registered or made any filings with regard to distributions with the NBSC, the regulator says.