2009-03-19
17:12:14
A Quebec based business, Groupe Financier CTIC, has been served with a notice of hearing today by the New Brunswick Securities Commission for illegally selling securities in this province. Commission staff allege CTIC did not comply with the disclosure or registration requirements.
The company has raised money mainly from investors in Edmundston and Grand Falls, but also from investors in the Acadian Peninsula, Moncton, Saint John and Fredericton. Securities sold in 2006, 2007 and 2008 involved 109 trades by 63 people and raised more than 5.7 million dollars in New Brunswick alone. Most investors earned between 12 and 14 per cent in interest–but–the Securities Commission warns what looks too good to be true may be just that. A preliminary hearing will be held April 15.
