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(December 12, 2006) The British Columbia Securities Commission has levied fines totalling $65,000 against two Vancouver men who admitted to spreading false information about a publicly traded company.

Firoz Jinnah and Ingo W. Mueller have agreed to pay the BCSC $25,000 and $40,000, respectively. The two men cannot be directors or officers of any company except in limited circumstances, nor can they engage in any investor relations activities for at least 18 months in Jinnah’s case and 36 months in Mueller’s.

Jinnah was the president of Exotics.com, a Nevada-incorporated company headquartered in Vancouver with its shares trading in the U.S. Jinnah reported to Mueller, head of St. George Capital, a company that provided management services to Exotics.com.

In a settlement agreement, the pair admitted to issuing news releases, faxes and e-mail alerts that contained materially false or misleading statements about Exotics’ revenue in 2001.

The company’s share price and trading volume increased after the alerts were issued. Exotics also provided misleading information in financial statements filed with the U.S. Securities and Exchange Commission.

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U.S. interest rates remain on hold

(December 12, 2006) The U.S. Federal Reserve has left its key overnight lending rate unchanged at 5.25%, citing only moderate inflation pressures.

“Economic growth has slowed over the course of the year, partly reflecting a substantial cooling of the housing market,” the Fed said in a statement. “Although recent indicators have been mixed, the economy seems likely to expand at a moderate pace on balance over coming quarters.”

Still, the Fed added that some inflation risks remain, leaving the door open for possible rate hikes in 2007. The Fed has kept its rate steady since June.

The Bank of Canada’s interest rate has been at 4.25% since May.

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Transamerica Life launches trio of seg funds

(December 12, 2006) Transamerica Life Canada has introduced three new segregated funds in the imaxxGIF funds family: imaxx Canadian Dividend GIF, imaxx TOP Canadian Balanced GIP and imaxx TOP Income GIP.

All three funds will be managed by AEGON Capital Management and are available for purchase immediately.

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Man Investments takes full control of hedge fund

(December 12, 2006) Man Investments Canada has announced that it assumed the role of successor manager of the Man Multi-Strategy (Canada) Fund from BluMont Capital. Man purchased the fund, previously known as the BluMont Man Multi-Strategy Fund, from BluMont earlier this year.

“Given our commitment to this market and the recent opening of our Canadian office, it makes sense for our team to distribute and service this product directly to investment advisors,” says Toreigh Stuart, CEO of Man Investments Canada. “The availability of this investment vehicle is a significant piece of our overall plan to create local access to the types of products that have been extremely successful for the firm in other parts of the world.”

The fund is available to individual and institutional investors. Minimum investment is $25,000.

Man Global Strategies, the British division of Man Investments, will continue to be responsible for the investment management of the portfolio.

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Richardson Partners makes executive appointment

(December 12, 2006) Richardson Partners Financial has named Warren Reynolds senior vice-president for Western Canada.

Formerly the regional vice-president for Edmonton, Reynolds will now be responsible for Richardson’s growth strategy in Western Canada by attracting new advisors to the firm while assisting others with building on their successful practices.

“Since joining our team in May 2004, Warren has been instrumental in supporting new investment advisors through the transition process, while helping them continue to grow their practices through access to the extensive resources and exclusive wealth management solutions that Richardson Partners Financial has to offer,” said company CEO, Sue Dabarno, in a statement.

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(12/12/06)