Cease Trade Order Issued Against UFX Bank, Mike Lane and Amy Walsh

February 23, 2012 – Saskatchewan Financial Services Commission (SFSC) issued a Cease Trade Order on February 22, 2012, against UFX Bank, Mike Lane and Amy Walsh.

SFSC has information that UFX Bank and the individuals named, through their website www.ufxbank.com, have defrauded a Saskatchewan resident of approximately $27,000. UFX Bank appears to be UK-based, but authorities in Belgium and Cypress have also issued similar sanctions.

“Individuals should exercise extreme caution when dealing with off-shore companies online,” said Ed Rodonets, Deputy Director of Enforcement for the Securities Division.

The order directs UFX Bank, Mike Lane and Amy Walsh to cease trading, acquiring and advising in securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term contracts and removes their ability to use any exemptions in Saskatchewan.

Anyone contacted by any representative of UFX Bank should contact SFSC’s Securities Division at (306) 787-5645.

About the SFSC and SFSC Securities Division

Saskatchewan Financial Services Commission (SFSC) protects consumer and public interests and supports economic well-being through responsive marketplace Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. We protect Saskatchewan consumers by regulating financial products and service providers in an effective, efficient and balanced manner.

The SFSC’s Securities Division protects investors by regulating the selling of securities in Saskatchewan. Securities are forms of investment such as stocks, bonds and units in mutual funds

For more information on the SFSC and their regulatory responsibilities, please visit www.sfsc.gov.sk.ca.

For more information, contact:

Jennifer Anderson, Saskatchewan Financial Services Commission, Phone 306-798-4160 Email: jennifer.anderson2@gov.sk.ca

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