A temporary cease-trade order has been issued by a panel of the New Brunswick Securities Commission to two individuals and to several companies based in the Nackawic region.
The hearing scheduled for 18 November, was not held because the respondents agreed to the terms of the order beforehand.
The respondents are:
- William Watson Priest, of Nackawic, N.B.;
- Christopher Raymond Phillips, of Nackawic, N.B.;
- 613247 N.B. Ltd.;
- Priest Phillips Management Corp.;
- DLC Priest Financial;
- Priest Financial Group;
- Priest Phillips Professional Corp.; and
- Centum Home Mortgage Corp.
The order prohibits Priest, Phillips and the companies listed above from soliciting money from anyone for any investment-related activity. The order also prohibits the respondents from relying on any exemptions to New Brunswick securities law.
Priest and Phillips are prohibited from becoming or acting as a director or officer of any issuer, registrant or mutual fund manager.
This order will remain in effect until otherwise ordered by a panel of the NBSC.