Police executed 14 search warrants at 13 brokerage firms and one business in the Greater Toronto Area on Wednesday. The searches are in connection with an investigation into alleged stock market manipulation.

The investigation revolves around Visa Gold Exploration Inc., a company engaged in searching for sunken treasure of the coast of Cuba.

The brokerages involved in the searches include National Bank Financial, Dundee Securities, RBC Dominion Securities, and Canaccord Capital.

The searches are part of a joint investigation conducted by the RCMP Greater Toronto Area Commercial Crime Section, the Ontario Securities Commission, the Ontario Provincial Police Anti-Rackets Section, the Greater Toronto Area Combined Forces Special Enforcement Unit and the Toronto Integrated Proceeds of Crime Unit.

The searches were done to collect documentary and other evidence to support the continuing investigation. They began at approximately 15:00 ET Wednesday and involved approximately 30 investigators. In an news release, the investigation team said the searches of these particular firms do not indicate complicity in the matter under investigation.

“This is part of our on-going integrated law enforcement effort to help ensure that Canada’s capital markets remain among the safest in the world,” said Inspector Bob Davis, Officer in Charge of the RCMP Greater Toronto Area Commercial Crime Section.

“Our investigation focuses on a small part of the stock market involving high-risk, highly-speculative stocks on the fringe of the stock market,” he added.

“This investigation is an example of the pro-active stance that regulators and police are taking to ensure the safety of our capital markets,” said Ontario Securities Commission executive director Charles Macfarlane.

OSC Web site
www.osc.gov.on.ca