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Non-Tech : Sungold Gaming International (SGGNF)
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To: Archangel who wrote (2243)6/12/1998 10:23:00 AM
From: Gene Veinotte  Read Replies (2) of 5164
 
Stock-picking psychic barred by OSC

By PETER FITZPATRICK
The Financial Post
A New Age stock picker from Kingsville, Ont., has been banned for life from trading securities in the province.
Alexis Fortuna-St. John, owner of Phoenix Head Enterprises of Canada, was banned permanently by the Ontario Securities Commission after it was found her unlicensed company lost $2 million of $3 million entrusted to her by investors.
"In our view St. John is not a person whom we can safely trust to participate in the capital markets in any way," the OSC said in a ruling. "We have no confidence whatsoever that if she is permitted to participate as an investor for her own account St. John will not once again push the envelope by engaging in conduct which is detrimental to others and abusive of our capital markets."
The OSC was ruling on a case that began in mid-1996 after it shut down Phoenix Head, an investment firm run by St. John and her sister, Antonia Storm-St. John. About 800 clients had invested $3 million with the company, which promised extravagant returns. Investments ranged from $12.50 to $100,000 and clients were given elaborate monthly statements and were even charged GST.
St. John had also worked as a psychic in Kingsville, charging $40 an hour for consultations.
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