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Special Alerts

SA-136-2009
August 19, 2009


TO: CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)
SUBJECT: Securities Associates Group May Be Conducting Banking Operations in Canada and/or the United States Without Authorization
Summary: The Office of the Superintendent of Financial Institutions (OSFI) of Canada has identified Securities Associates Group as an entity that may be illegally operating as a financial institution.

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published a "Warning Notice" (Issue No. 87) containing the name Securities Associates Group. This Warning Notice can be found at http://www.osfi-bsif.gc.ca/app/DocRepository/1/eng/consumer/notices/Warning_Notice_87_e.pdf - PDF (PDF Help).

Securities Associates Group is currently being investigated by the Financial Services Authority of the United Kingdom regarding unauthorized regulated activities. It appears that the proceeds from activities conducted by Securities Associates Group, which is not authorized to carry on business in the United Kingdom, are being paid into banks that are domiciled in Canada. Securities Associates Group purports to operate from New York, USA. Any person contacted by this entity should contact the Royal Canadian Mounted Police or his or her local police department. Canadian financial institutions should regard any accounts or transactions associated with Securities Associates Group as potentially suspicious.

Any information you have concerning this matter should be brought to the attention of following authorities:

Office of the Superintendent of Financial Institution Canada
Compliance Division
121 King Street West
Toronto, Ontario
M5H3T9
Telephone Number: +1 (416) 973-6117
Fax Number: +1 (416) 954-3169
E-mail: scaminfo@osfi-bsif.gc.ca
British Columbia Securities Commission
Enforcement Division
Telephone Number: +1 (604) 899-6605
  
 
 
Royal Canadian Mounted Police
Integrated Market Enforcement Team
Vancouver British Columbia
Telephone Number: 604-331-1200
 Securities and Exchange Commission
Office of Investor Education & Advocacy
Washington, D.C., USA
(Reference: H0-1322864)

Information about counterfeit items, cyber-fraud incidents and other fraudulent activity may be forwarded to the FDIC's Cyber-Fraud and Financial Crimes Section, 550 17th Street, N.W., Room F-4004, Washington, D.C. 20429, or transmitted electronically to alert@fdic.gov. Questions related to federal deposit insurance or consumer issues should be submitted to the FDIC using an online form that can be accessed at http://www2.fdic.gov/starsmail/index.asp.

For your reference, FDIC Special Alerts may be accessed from the FDIC's website at www.fdic.gov/news/news/SpecialAlert/2009/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html.

  Sandra L. Thompson
  Director
Division of Supervision and Consumer Protection

Distribution: FDIC-Supervised Banks (Commercial and Savings)


Last Updated 8/19/2009 communications@fdic.gov