The Saskatchewan government has issued a temporary trading ban on two companies that sold securities to investors at inflated prices.

In a statement Friday, the Saskatchewan Financial Services Commission said the Castleton Group and Beltway M&A are not licensed to trade in securities nor give financial advice in Saskatchewan.

The commission said starting in June, the Hong Kong-based companies sought out thousands of dollars in deposits from investors before purchasing any shares.

The temporary order expires October 9 but could be extended, the commission said.

The province said a number of individuals are also named in the cease-trade order.

Joshua Stevens, Patrick Thompson, Vick Newman, Daniel Greco and Jim Young were identified as being covered by the order.

IE