The Canadian cease and desist hearing took place yesterday (7th April 2010) and a permanent ban has been placed on Genius Funds operating within Canadian boundaries.
Here is a copy of a letter received from the British Colombian Securities Commission after the hearing yesterday (forwarded to us by a GoldArena.net member):
"Mr. Snyder,
I am the lawyer for the Executive Director in this matter. I am responding to your email to the Commission Secretary.
I appeared before the Commission panel this morning, and the Commission issued permanent orders against Genius Funds. The orders should be posted on our website along with a press release by tomorrow:
http://www.bcsc.bc.ca/default.asp
No one appeared on behalf of Genius Funds.
Regards.
Shawn McColm
Legal Counsel
British Columbia Securities Commission
Enforcement Division - Litigation Branch
Tel: 604-899-6542"
This should address any concerns regarding whether any Genius Funds representatives were present yesteday.
Also, for your information, please find to follow the BCSC Hearing File for Genius Funds.
Hearing file
Genius Funds also known as Genius Investments; Executive Director
Date opened: 02/11/2010
Hearing type: Enforcement
Allegations: Acting contrary to public interest
Status: Hearing pending
Hearing dates: 04/07/2010;
Panel: Brent W. Aitken - Chair, Don Rowlatt, David J Smith
Please note: The executive director issued a temporary order. On April 7, 2010, the executive director will ask the Commission to grant a final order in the same terms as the Temporary Order. At a hearing on April 7, 2010 the Commission heard submissions and made final orders.
Submissions Transcripts
Notices and decisions
Date Document type Description
02/23/2010 Notice Hearing notice - Extension of Temporary and Adjournment 2010 BCSECCOM 113
02/11/2010 Notice of hearing Temporary order and notice of hearing, 2010 BCSECCOM 89
02/11/2010 News release Temporary order and notice of hearing
Submissions
You can view the Submissions at the commission.
Date Description
04/07/2010 Executive Director's written submissions
04/07/2010 Genius - Affidavit #1 of Michael Pesunti sworn April 6, 2010
04/07/2010 Genius - Affidavit #1 of Paul Rankin sworn February 11, 2010
04/07/2010 Genius - Index to Authorities of the Executive_Director
Transcripts
You can view the Transcripts at the commission.
Date Description
04/07/2010 Uncertified copy of the transcript of proceedings on April 7, 2010
Staff Area
The Canadian cease and desist hearing took place yesterday (7th April 2010) and a permanent ban has been placed on Genius Funds operating within Canadian boundaries.