The New Brunswick Securities Commission has ordered nine companies, all operating out of the same address in Shediac, to cease trading temporarily.
Rick Hancox, the executive director of the securities commission, said an investigation is continuing into the companies after the temporary order was handed down.
“We take preventative measures to protect the public and to ensure the continued integrity of our capital markets,” Hancox said in a statement.
The nine companies are:
NNR N. Natural Resources Inc.
Int. Teleworld Inc.
Flash Funding International Corp.
FNT Forever New Technologies Inc.
Global Capital and Financial Corp.
Prudential Global Real Estate Corp.
Global Bonds Fund Inc.
Luminary Minerals Ltd.
RAK Marine International Inc.
According to the securities commission, a panel investigating the companies heard evidence from commission staff of “substantial misleading and inaccurate information being provided to the public.”
Most of the companies are listed on stock exchanges in Germany.
The securities commission said it appears that none of the companies have employees or operations in New Brunswick. But the company is disputing that, according to the statement.
As well, the independent commission indicated that information it has received, “raises serious concerns about their legitimacy.”
The commission started investigating the Shediac companies in May.