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Tuesday, June 18 2019 @ 10:04 PM UTC

Cease soliciting, Panama company (First Global Ventures) told

Crime & Punishment Government officials in New Brunswick and Newfoundland and Labrador have ordered a Panama-based investment company to stop soliciting in their provinces. Nearly three weeks ago, the New Brunswick Securities Commission issued a cease-trade order against First Global Ventures. Executive director Rick Hancox said First Global was not registered, and that its pitch asking people to invest in an oil company went too far. Hancox said consumers reported being told "the shares are going to take off, it's going to get listed on the stock exchange, you know, you're going to make lots of money." First Global Ventures does not have approval to solicit investments from people in Newfoundland and Labrador, says Winston Morris, an assistant deputy minister responsible for consumer affairs in the Department of Government Services. The department has received complaints from people who say they were contacted and asked to invest in First Global Ventures. The company, Morris said, cannot do that without first registering with the government. Investors, he said, risk losing their money with an unregistered company "because you don't know if they're legitimate or not. This may just be a shell company."

Morris said Newfoundland and Labrador officials could not reach anyone with First Global Ventures to determine why the company has not registered.

Calls to the company from CBC News were also not returned.

Morris said the best course for would-be investors is to be cautious.

"They may not be a real company [and] there may be no real investment here. They may be just a company soliciting money from people, with no investment behind it," he said.

"We don't know and the consumers don't know."

(Editor's Comment: If anyone out there has invested in First Global Ventures please contact me.)
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