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Special Alerts


SA-34-2003
 June 25, 2003
TO: CHIEF EXECUTIVE OFFICER (also may be of interest to Security Officer)
SUBJECT: Entities That May Be Conducting Banking Operations in Canada or the United States Without Authorization
Summary: Four entities - Apex Financial Group, Bonded Trust, North American Standard Trust, and Universal Trust Financial - are illegally operating as financial institutions

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published the attached issue of its "Warning Notice" (Issue No. 43), which contains the names of four entities recently brought to OSFI's attention. These entities are Apex Financial Group, Toronto, Ontario; Bonded Trust, Mississauga, Ontario; North American Standard Trust, Concord, Ontario; and Universal Trust Financial, Toronto, Ontario. A cumulative list of Warning Notices can be found at http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=166.

These entities, or persons representing them, are operating in Canada. They may be violating provisions of the Bank Act (Canada) or other Canadian federal financial institution regulations. They may also be conducting unauthorized banking transactions in the United States. Any proposed transactions involving these entities should be viewed with extreme caution.

Any information about these entities may be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-4040, Washington, DC 20429, or forwarded electronically to alert@fdic.gov.

For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2003/index.html. To learn how to automatically receive FDIC Special Alerts, Financial Institution Letters and other announcements through e-mail, please visit www.fdic.gov/news/news/announcements/index.html.

Michael J. Zamorski
Director

Attachment: (May be accessed at http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=166.)

FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342, option 5, or (703) 562-2200).

Last Updated 06/25/2003 communications@fdic.gov