JIS News

The Financial Services Commission (FSC), in accordance with section 68(1B) of the Securities Act, issued cease and desist orders on Friday, March 24, 2006 to: OLINT Corp. Limited; Overseas Locket International Corp; LewFam Investments and Trading Limited; and LewFam Investments Club.
The decision to issue cease and desist orders was based on the conclusions of an investigation by the FSC in the course of which evidence was obtained from search warrants executed on Friday, March 3, 2006 at the offices of LewFam Investments and Trading Limited and OLINT Corp. Limited and on Monday, March 6, 2006 at another office of OLINT Corp. Limited.
The information indicates that these entities, while they purport to be carrying out foreign currency trading activities, are engaged in securities activities in breach of sections seven and eight of the Securities Act. These sections prohibit the carrying on of a securities or investment advice business without being licensed to do so by the FSC. Failure to comply with these orders is an offence under section 68(7) of the Securities Act and is punishable upon conviction by a fine or imprisonment or both. The Commission is advising the public to refrain from investing with or through persons who are not licensed or registered under the Securities Act.

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