BRAND NEW UPDATE: Genius Funds has been labled a scam. The Police force in Cyprus has labled GeniusFunds a scam, and the owner Mark Stelvio has ‘apparantly’ created another site. This is not confirmed though, as the site is unprofessional, and the who is data shows that it is on a free host so this doesn’t seem to be the case.
Overall, Genius Funds was great, they did pay, but they have sadely fallen into the other world of scams, with nothing left. Have fun finding another one.
UPDATE: GENIUS FUNDS IS STILL IN FULL OPERATION
In a post by GoldArena.net, there is complete hope that everything will be resolved by Monday.
Today is a sad day for many.
The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited based on allegations that they have engaged in illegal trading and distribution of securities in Alberta.
The Interim Cease Trade Order is in effect until March 24, 2010 and prohibits all trading in Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited securities. The order also prohibits Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited from trading in any securities or relying on any Alberta securities laws exemptions. An ASC panel issued the Interim Cease Trade Order after hearing evidence from ASC staff that Genius Funds, Genius Investments and Genius Investments (Cyprus) Limited are dealing in and trading in securities to Albertans without registration, a prospectus or use of an applicable exemption.
The British Columbia Securities Commission has also issued a temporary order prohibiting Genius Funds from trading any securities or engaging in any investor relations activities in British Columbia. In addition, securities commissions in Manitoba and New Brunswick have warned investors about Genius Funds.
The next appearance has been scheduled for 9 a.m., March 19, 2010 in the ASC Hearing Room on the 6th Floor, 300 - 5th Avenue S.W., Calgary, Alberta. At that time, an ASC panel will consider extending the interim order.
A copy of the Interim Cease Trade Order and the Notice of Hearing can be found at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
It is very sad that anyone could push something like this onto Genius Funds. I have been investing with the company for the past two months and have never had a problem reciving my ROI payments. Genius Funds has been the number one HYIP program on hyip.com for as long as I can remember, but a sad day, they have been dropped to 5th place, with a current PROBLEM status.
I hope that Genius Funds keeps their reputation, shows up at their appearance, and set’s all this straight.
Hopes for the best!
–Tyler Perroux
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I called Canada and spoke with Don Rodgers who is the information officer for ASC…..and Genius did not show up for the meeting…nobody….so they have extended the Cease order…..they have another meeting 4/7 in BCSC….but we should not if Genius will live that long
Its going to be a very sad day if Genius Funds doesn't show up. They were such a well run hyip, and keep people updated on most everything, except this whole fiasco.