A Temporary Cease Trade Order has been issued against Vincent John Mullee and Vince Mullee Financial. The Securities Division of the Financial and Consumers Affairs Authority of Saskatchewan alleges that Mullee appears to have sold non-existent bonds to investors. The Division alleges that the money appears to have been spent on personal and/or corporate expenses. The allegation is that about $2.1 million was taken from an estimated 13 investors and that Mullee may be attempting to solicit additional funds from others. Acting Deputy Director of Enforcement Harvey White says, “Investors should never make a cheque payable to a financial adviser personally or to a financial advisor’s personal company; it should only be payable to the registered dealer or issuer of the securities.” He says another warning sign of suspicious activity is when someone is pressuring you to act fast or the deal will be gone.

The Division says that Mullee is a resident of Saskatoon. Anyone who is or has been contacted by Mullee or who has purchased securities or derivatives including bonds from him, should immediately contact the FCAA Securities Division.