Jersey Securities Firm To Pay Canadian Fine

//January 18, 2006

British Columbia Securities Commission hits FX Solutions with $57,500 penalty.FX Solutions of Ridgewood has agreed to pay $57,500 to the British Columbia Securities Commission as a penalty for unregistered trading in the Canadian province of British Columbia (B.C.). Since September 2002 the securities-exchange firm had opened and serviced unregistered accounts for 264 B.C. residents.

The company has stopped accepting new B.C. clients. FX and its Canadian subsidiary, FX Solutions Canada, have agreed to register with either the B.C. Securities Commission or the Investment Dealers Association of Canada by April 28, 2006. If it misses the deadline, the company will be forced to transfer all of its B.C. clients to a firm with proper registration status in the province.