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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: SSP who wrote (54433)7/13/2000 10:47:19 AM
From: StocksDATsoar  Read Replies (1) of 150070
 
Ontario Securities Commission -
Post says OSC shuts down penny-stock brokerages
Ontario Securities Commission OSC
Shares issued 0 1899-12-30 close $0
Thursday Jul 13 2000
The National Post reports in its Thursday edition that two of the biggest penny-stock brokerages operating in Ontario are voluntarily winding down their controversial operations after receiving letters from the Ontario Securities Commission. The Post's Theresa Tedesco and Sandra Rubin write that Gordon-Daly Grenadier Securities quietly closed its doors last week, and Price Warner Securities Ltd. is expected to shut down by the end of the month. Sources say the actions followed a stern letter from the securities watchdog to a handful of Bay Street broker-dealers giving them 60 days to provide accountings of their businesses or face a hearing before an OSC panel of commissioners and the possibility of losing their licences. The OSC is also interviewing brokers at several other small firms, such as Arlington Securities and Barnet Magrill Investments, which have asked to transfer their sales registrations to other brokerage firms. Sources say Price-Warner is in discussions with the regulator and the firm is prepared to close in two weeks.

(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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