BCSC Executive Director's Bulletin: Securities Regulator Issues Notice of Hearing Against B.C. Man Who Raised Funds for

VANCOUVER, BRITISH COLUMBIA, Nov 09 (MARKET WIRE) --
The executive director of the British Columbia Securities Commission has
issued a notice of hearing alleging that a B.C. man and three related
entities made misrepresentations and perpetrated a fraud when raising
funds intended for trading in spot foreign exchange (Forex) contracts.

The notice of hearing says that Cem Ali, HFX Management Services Inc.,
Horizon FX Investments Limited Partnership (Horizon LP), and Horizon FX
Investments Incorporated sold approximately US $34 million of Horizon LP
securities to 957 investors between Aug. 29, 2006 and January 2008
without being registered to trade securities or having filed a prospectus.

The notice alleges the respondents perpetrated a fraud when they made
misrepresentations about having carefully selected a Forex trader and
then sent investors' funds to a U.S. Forex company that turned out to be
fraudulent.

In addition, the notice alleges the respondents contravened a cease trade
order against Horizon LP that the BCSC issued on Oct. 18, 2007.

These allegations have not been proven. Counsel for the executive
director will apply to set dates for a hearing into the allegations
before a panel of commissioners on Nov. 26, 2009 at 9 a.m.

The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the notice of hearing on our website,
www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media
relations, 604-899-6577.

Contacts:
British Columbia Securities Commission
Ken Gracey
Media Relations
604-899-6577 or (Canada) 1-800-373-6393
www.bcsc.bc.ca

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