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To: Jesse who wrote (535)	4/3/1998 3:45:00 PM
From: philip trigiani	Respond to of 822

Friday April 3, 3:15 pm Eastern Time Canadian securities investigators probe website VANCOUVER, April 3 (Reuters) - Investigators are moving to shut down an Internet site used to lure investors into an allegedly fraudulent securities scheme, a British Columbia Securities Commission spokesman said on Friday. The website, operated by Turner Phillips, falsely claimed the company was a ''full service investment dealer'' and member of several stock exchanges including Toronto and Nasdaq, commission spokesman Steve Plummer said. Turner Phillips listed Vancouver as its headquarters but its only operation in the city appears to be a telephone answering machine that forwarded calls to the United States and elsewhere in Canada, Plummer said. Investigators said it appeared Turner Phillips was conducting a ''two-tiered fraud'' in which investors are sold suspect securities and then offered the opportunity to sell them back for a significant profit if they posted a cash insurance bond. ''Investors caught in this scheme will usually end up losing their original investment and the advance cash fee as the repurchase offer is not concluded,'' according to a commission statement. Efforts to contact Turner Phillips for comment were unsuccessful. Plummer said the investigation began after securities regulators were contacted by several European investors, but it was unclear if any of the investors had lost money to Turner Phillips. Related News Categories: US Market News, international Help Copyright c 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is