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(November 8, 2006) The British Columbia Securities Commission has banned two men from Kamloops after they admitted to illegally distributing securities.

Mervin George Fiessel and Robert Michael Doherty are permanently banned from trading securities except in limited circumstances. Fiessel cannot ever be a director or officer of any issuer or engage in any investor relations activities. Doherty, with two exceptions, is permanently prohibited from acting as a director or officer of any issuer or engaging in any investor relations activities.

The pair admitted to their involvement in a scheme in which they illegally took control of Greyfield Capital, a company with securities traded through the Pink Sheets — an electronic quotation system in the U.S. for over-the-counter securities — and then illegally distributed shares in the company.

Fiessel admitted that he sold millions of unauthorized Greyfield shares and that Greyfield’s public disclosure was materially false or misleading. He has been ordered to pay the BCSC $144,445

The settlements were the result of coordinated investigations with the U.S. Securities and Exchange Commission which also announced details of its case against the two men on Wednesday.

Without admitting or denying the allegations in the complaint, Fiessel agreed to disgorgement of $147,486.60 US plus prejudgment interest of $7,634 US to the SEC. Doherty consented to liability for disgorgement of $26,125.40 US.

“These settlements represent months of coordination and information-sharing between the SEC and our staff,” said BCSC executive director Brenda Leong. “Working with our U.S. counterparts strengthens our ability to effectively deal with cross border activity such as this where B.C.-based operators use U.S.-based entities to illegally distribute shares and issue misleading information to investors.”

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frontierAlt files prospectus for new fund

(November 8, 2006) Toronto-based frontierAlt Investment Management Corporation has filed a preliminary prospectus for its new Global Dividend Fund.

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The fund’s investment objectives are to provide unitholders with monthly cash distributions and to preserve and enhance net asset value.

It’s also designed to provide global (and portfolio) diversification through investment in international companies that are leaders in their sector and country, the company says.

The proceeds of the initial public offering will be invested in a diversified global portfolio, comprised primarily of common shares and other equity securities of issuers that the investment advisor of the fund believes are fundamentally sound but which are trading at a discount to their intrinsic value.

The fund’s investment advisor is MFC Global Investment Management, a division of Manulife Financial.

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Canadians happy with mortgage rates, survey suggests

(November 8, 2006) The vast majority of Canadians are satisfied with the terms of their mortgages, despite rising interest rates over the past year, according to a poll conducted by Pollara for the Canadian Institute of Mortgage Brokers and Lenders.

“The Canadian mortgage market remains exceedingly robust,” says CIMBL chair Paul Grewal. “The housing market remains very active overall in historic terms, setting new record levels of dollar volume sales. In addition, new lenders and mortgage insurers have entered the market increasing Canadians’ options for mortgage products,” Grewal added. “This will continue to fuel the mortgage market.”

Mortgage borrowing is projected to increase by $78 billion by the end of next year, producing a total mortgage credit valued at $808 billion, according to the CIMBL report.

“Competition is certainly a feature that shines through in this survey,” said Grewal. “More Canadians are consulting with mortgage brokers (31% in 2006 compared to 25% in 2005) whether they are taking out a new mortgage, or renewing or refinancing an existing mortgage. The average rate for current mortgage holders is 5.05% — well below posted rates for the major lenders — which suggests that comparison shopping is working to their advantage.”

The survey also found that despite increased competition, chartered banks are still capturing the bulk of Canada’s mortgage business, at about 60%.

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GGOF launches new note

(November 8, 2006) Guardian Group of Funds is teaming up with BMO on gthe new Bank of Montreal GGOF C.O.R.E. Protected Deposit Notes High Yield Bond R.O.C. Class, Series 1.

The notes are based on the performance of GGOF High Yield Bond Fund, which is managed by Steve Kearns of Guardian Capital.

The notes offer investors the opportunity to participate in the returns of this fund, while 100% of their principal is protected if held to maturity by Bank of Montreal as issuer.

“GGOF High Yield Bond Fund’s strong long-term track record makes it an excellent holding for income-oriented investors,” said GGOF CIO Gavin Graham. “High yield bonds are unique in the investment universe because they combine some of the best features of both income and equity products. Their low correlation to interest rates provides valuable portfolio diversification and their superior potential for price appreciation, relative to investment grade bonds, allows for the potential to generate positive returns in almost any market environment.”

The notes are on sale until December 15, 2006.

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