News Round Up

Waltus backs down, Mortgage rates newsletter FREE trial, Canadian stock scam

Sunday, November 5th 2000, 12:43AM

Waltus has backed down in its stouch with the Securities Commission over the wording in one of its offer documents.

The commission, in August, prohibited Waltus Property Finance from distributing an investment statement for secured debenture stock. It said the investment statement and prospectus were "likely to mislead" investors because of its description of the term "Person or group of related persons".

It said there were differences in wording between the trust deed and the investment statement and prospectus.

The commission's decision prompted a strong reaction from Waltus at the time.

Waltus chairman John Hodge says the commission's decision is "a spurious interpretation of one word," and the company started the process of appealing the decision.

However, it backed down last week and discontinued the appeal.

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Canadian stock scams
Investors are being warned about a scam involving worthless stock, "swaps" and telephone salespeople who claim to represent legitimate United States companies. The salespeople, who call from Ontario, Canada, target people in New Zealand.

Typically they purport to work for a brokerage house offering stock described as a once in a lifetime investment. The stock is likely to be a United States based over-the-counter stock worth fractions of a cent.

The so-called brokerage house, however, may hold a large block of the stock and deliberately promote it to drive up the price. After sufficient investors have bought the stock the salespeople, or those who back them, cease to support the market for the stock and its value falls dramatically. The victim is left with worthless stock and the brokerage house proves to be a mirage.

Some investors, having bought worthless stock, may be cheated a second time by people falsely claiming to represent legitimate US companies. They are encouraged by these people to swap their stock with so called "blue chip" stock, subject to the payment of more money. It appears this money will also be lost.

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