OSC Investor Alert: Ernest Anderson

TORONTO - The Ontario Securities Commission (OSC) is warning Ontario investors not to invest with Ernest Anderson (aka Edward Banayoti aka Edward Banayoti Sawiris), or any companies associated with him. Ernest Anderson is permanently banned from trading securities in Ontario.

The OSC is aware that Ernest Anderson is now known as Edward Banayoti (aka Edward Banayoti Sawiris) and is the President and CEO of Cornerstone Holdings Corp. (“Cornerstone”). Cornerstone appears to be offering investments and investment opportunities through its website. 

On October 2, 2009, the Commission imposed permanent bans on Ernest Anderson and his company, Golden Gate Funds LP. They were ordered to cease trading permanently.

Ernest Anderson remains subject to this permanent cease trade order, which bans him from trading in securities (including soliciting investors to trade in securities) and prohibits him from becoming or acting as a director or officer of a company.

Ontario investors who have been approached by Ernest Anderson or Cornerstone should contact the OSC’s Inquiries and Contact Centre at 1-877-785-1555 or [email protected]. 

The OSC urges investors to always check the registration of any person or business trying to sell them an investment or give them investment advice. This can be done by visiting the Check Before You Invest page on the OSC website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

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