Internet Fraud
Detected and Cease Traded by BCSC
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The British Columbia Securities Commission (BCSC) has published a news release dated
April 2, 1998 (NR #98/10) regarding an Internet fraud detected by the BCSC and a Cease
Trade Order issued by the BCSC. The release states in part:
"Acting upon activities from European investors received March 20, 1998, staff of
the British Columbia Securities Commission commenced an investigation into the activities
of Turner Philips.
Staff of the Commission identified a Web site operated by Turner Philips. The Web site
stated that Turner Phillips was a 'full service investment dealer' and member of the
Toronto Stock Exchange, the Alberta Stock Exchange, the Vancouver Stock Exchange, the
National Association of Securities Dealers Automated Quotation System (NASDAQ), the
Investment Dealers Association and the Canadian Investor Protection Fund (CIPF). The
investigation by staff of the Commission determined that Turner Phillips is not registered
under the Securities Act in any capacity, nor is it a member of any of the regulatory
organizations stated above.
"...Staff of the Commission has issued a Cease Trade
Orders against Turner Phillips and its sales staff and continues to co-operate and assist
in the further investigation of these parties by law enforcement and regulatory agencies
in the United States and Canada.
...Members of the public are encouraged to contact the
British Columbia Securities Commission to confirm the registration status of any
individual or company who approaches them for purposes of investment."
We confirm that the Turner Phillips is not a member nor has Turner Phillips ever been a
member of the Vancouver Stock Exchange.
If you have questions or have been contacted by anyone associated with Turner Phillips,
contact the following BCSC staff: Lang Evans at 604-899-6620 or Steve Plummer at
604-899-6602 or 1-800-373-6393 (BC only).
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