FCAA Issues Statement of Allegations Against White City Resident
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a statement of allegations as a result of an investigation into the activities of Chad Streifel of White City.
Streifel faces allegations of breaching securities laws by distributing securities and making prohibited representations while doing so.
FCAA staff allege that Streifel, operating under the name Singular Investments, sent letters to residents of White City seeking business loans in exchange for promises of interest earnings or equity.
Streifel has a history with the FCAA; in 2011, on an unrelated matter, he entered into an undertaking to not trade in securities or exchange contracts, and not solicit, advertise or seek investors without first complying with provincial securities legislation. As a result, Streifel also faces allegations of a breach of his undertaking, another offence under securities laws.
Streifel has been served with a notice of first appearance for January 15, 2016. At that time a date for a hearing into the matters will be set.
“Mr. Streifel’s dealings appear to be localized to White City and the surrounding area,” FCAA Enforcement Branch Deputy Director Ed Rodonets said. “If anyone has been contacted by Streifel, or has acted upon the letters in question, we would ask you to contact the FCAA.”