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Ontario Securities Commission accuses two of illegal trading, fraud

Jan 31 2013 Regulatory Intelligence news team

The Ontario Securities Commission (OSC) has accused two men of illegal trading and fraud. Steven Zetchus and Justin Kreller misrepresented themselves as registered securities traders and through other fraudulent means solicited U.S. residents to transfer funds to Zetchus's firm, Blackwood & Rose Inc, in exchange for securities, the OSC said in a statement of allegations. Between September and December 2012, the OSC alleges that Zetchus and Kreller solicited shareholders of Gigapix Studios, Inc. to send funds to Blackwood, purportedly to facilitate the sale of the Gigapix shares. Gigapix is a U.S. company whose shares are not publicly listed. As part of what the OSC termed "the Gigapix Scheme," Zetchus and Kreller informed the targeted Gigapix shareholders that Blackwood had buyers for their shares, but that various payments were required in order to complete the transactions. "These representations were false and were designed to extract money from the Gigapix shareholders," the

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