SASKATOON

Province says Saskatoon financial advisor sold non-existent bonds

CTV Saskatoon Published Friday, July 27, 2018 10:09AM CST

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The province has issued a temporary order to cease trade against a financial advisor from Saskatoon.

The Financial and Consumer Affairs Authority of Saskatchewan says Vincent Mulle and Vince Mullee Financial Inc. sold non-existent bonds to 13 investors for $2.1M and used the money for personal and corporate expenses.

“Investors should never make a cheque payable to a financial advisor personally or to a financial advisor’s personal company, it should only be payable to the registered dealer or issuer of the securities,” FCAA Acting Deputy Director of Enforcement Harvey White said in a written release. “Another warning sign of suspicious activity is a quick turnaround time. If someone is pressuring you to act fast or the deal will be gone, be cautious.”

The FCAA says Mullee may be attempting to solicit additional funds from other investors. Anyone who has been contacted by Mullee or his company about purchasing bonds should contact the FCAA at 306-787-5936.