2009-05-21:
12:18:54:
Barry Adams, an insurance salesperson and former mutual fund salesperson in Saint John has been banned from selling securities for 10 years and ordered to pay $20,000 in penalties for failing to comply with New Brunswick securities regulations. Adams was retained by Estate Financial Inc, to sell securities offered through Walton International Group Inc to accredited investors under an exemption in New Brunswick securities law.
Eight of the 11 investors who purchased Walton securities after being referred by Adams were not accredited investors, a fact that Adams knew or should have at the time. Adams also made misrepresentations to NBSC staff during the investigation.
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