TEMPORARY CEASE TRADE ORDER ISSUED AGAINST SAXON CONSULTANTS, MERCHANTMARX AND THEIR REPRESENTATIVES

The Saskatchewan Financial Services Commission issued a temporary cease trade order on July 12, against Saxon Consultants, Ltd., also known as "Saxon Financial Services", and its representatives, Sean Wilson, Todd Young and Jack Sinni. The order includes Merchant Capital Markets S.A., also known as "Merchant Capital Markets" and "MerchantMarx", and its sole director Richard Clifford.

The order directs these entities to cease trading and advising in securities. The order also removes their right to use exemptions under Saskatchewan securities laws.

The companies subject to the order are not related to Saxon Financial Inc., a legitimate mutual fund company based in Toronto, Ontario.

An investigation by the Enforcement branch uncovered evidence that the respondents were aggressively soliciting the sale of gasoline and currency options to Saskatchewan residents without being registered.

"These companies make aggressive telephone solicitations usually by cold calling, followed by email canvassing of potential investors," Enforcement branch head Ed Rodonets said. "The representatives offer very high rates of return on investments and use high pressure tactics. It seems that these solicitations are being made across the country, but Saskatchewan residents are definitely being targeted. We are working closely with securities regulators in other provinces, and expect that they will take similar action."

Saxon and MerchantMarx also have connections with the following companies:

• Wynnwood Mercantile,
• Arial Trading LLC,
• International Monetary Services,
• Trend Commodities,
• Meisner Inc.

If you have been contacted by any of the entities named in the temporary order, or any of the companies listed above, the Saskatchewan Financial Services Commission urges you to contact the Enforcement branch at 306-787-5850.

The Director of the Securities Division can issue a temporary cease trade order for a 15 day period as an interim measure when necessary in the public interest. The temporary order can be extended should the need arise.

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For more information, contact:

Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850