March 29, 2010 Investor warnings - News

Montréal – The Autorité des marchés financiers (AMF) is urging investors to be cautious about Seisma Oil Research and Seisma Energy Research, two Florida-based companies that have illegally solicited investors in Europe and Canada.

At this point, it is not known whether Seisma Oil Research and Seisma Energy Research have contacted Québec investors. However, investors elsewhere in Canada have been solicited. These companies are not registered with the AMF to carry on business as securities dealers or advisers and are therefore not authorized to solicit investors in Québec.

In June 2009, the U.K. Financial Services Authority issued a warning that Seisma Oil Research and Seisma Energy Research were not authorized to operate in the United Kingdom, and recently, the Saskatchewan Financial Services Commission issued an alert regarding the activities of these two companies.

The AMF considers it useful and necessary to issue this caution in order to protect Québec investors.

Advice for investors

The AMF reminds investors to investigate before investing and to always ensure that the firms and individuals offering to act as intermediaries have the necessary approvals by checking the Register of firms and individuals authorized to practice on the AMF website or calling the Information Centre.

Consumers who believe that they have been targeted by a fraudulent scheme should contact the AMF Information Centre.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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Information:

Media only:
Sylvain Théberge: (514) 940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337