Sask. Financial Authority alleges Vince Mullee Financial has taken $2.1M from investors

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is issuing a warning about a Saskatoon-based financial company, Vince Mullee Financial Inc., which it alleges has been selling bonds that don't exist to investors.

In a press release, the authority alleges $2.1 million was taken from an estimated 13 investors. It is also concerned Mullee may still be trying to solicit funds from other people.

"Investors should never make a cheque payable to a financial advisor personally or to a financial advisor's personal company," said FCAA Acting Deputy Director of Enforcement. "It should only be payable to the registered dealer or issuer of the securities."

The authority said Mullee was selling bonds called BBS-Cameco 25 Year Bonds at 6.5 per cent, IAP Bond-EXC and PGA TSX No. 50.

Regulators terminated Mullee's registration as a dealing representative on Wednesday. It has also issued a temporary cease trade order against Mullee and his company.

Anyone who has been contacted by Mullee or has purchased bonds from him should call the FCAA Securities Division at 306-787-5936.