Wendell S. Wigle

Following a decision on the merits finding that the respondent engaged in illegal distributions of securities, failed to ascertain client suitability, and made misleading statements to Staff, the Ontario Securities Commission held a sanctions hearing.

The Commission rejected the respondent's motion for reconsideration and his argument that new exemptions under NI 45-106 mitigated his conduct.

Finding the respondent's past conduct abusive and detrimental to the capital markets, the Commission ordered the termination of his registration, a permanent cease trade order with limited exceptions, permanent director and officer bans, a reprimand, and costs of $94,618.75.

The Ontario Securities Commission held a hearing regarding Brian Peter Verbeek's involvement in schemes offering loans to individuals wishing to access funds in their locked-in RRSPs.

Verbeek facilitated the purchase of shares in Canadian Controlled Private Corporations (CCPCs) using the investors' locked-in RRSP funds, which were then used as collateral for loans.

The Commission found that Verbeek participated in illegal distributions of securities without a prospectus exemption, failed to ascertain the suitability of the investments for his clients, acted contrary to the public interest by participating in the scheme and receiving compensation, improperly referenced a brokerage firm without being registered there, and made misleading statements to Commission Staff during the investigation.

Staff of the Ontario Securities Commission and the respondent mining company entered into a settlement agreement regarding the respondent's failure to make timely disclosure of a material change related to a rock fall and resulting gold production shortfall.

The Commission approved the settlement, finding it to be in the public interest given the respondent's cooperation, voluntary remedial steps, and lack of prior disciplinary history.

The settlement required the respondent to fund an independent review of its disclosure practices and implement approved recommendations.

The Ontario Securities Commission held a hearing regarding a former branch manager at a registered dealer.

The respondent was alleged to have provided inaccurate 'Proof of Funds' letters to a client to facilitate a high-yield investment program.

The letters misrepresented the funds in the accounts, falsely stated funds would be held, and attested to the legitimacy of funds without due diligence.

The respondent did not attend the hearing.

The Commission found the respondent's conduct contrary to the public interest, noting his failure in his gatekeeper role as a registrant and branch manager.

The respondent's registration was terminated for 10 years, he was permanently banned from supervisory roles, reprimanded, and ordered to pay $126,938.50 in costs.

Staff of the Ontario Securities Commission sought to extend a temporary order suspending the respondent's registration and cease trading his securities pending a hearing on the merits.

The respondent did not oppose the registration suspension but sought to vary the cease trade order to allow trading in NASDAQ and over-the-counter markets.

The Commission found that the existing permissible trading areas covered a substantial proportion of North American securities and declined to expand them.

The temporary order was extended on its existing terms until July 31, 2004, or the commencement of the hearing.

The applicants brought an application under sections 104 and 127 of the Securities Act regarding an alleged issuer bid by Technovision Systems Inc. The respondents and Commission staff brought preliminary motions to stay or dismiss the application.

The Commission found that the applicant Urquhart had previously litigated the same issues in British Columbia and Ontario courts, where her claims were dismissed or stayed.

The Commission held that section 104 is intended for ongoing bids, not completed ones, and section 127 cannot be used to remedy private harm.

The application was dismissed as frivolous, vexatious, and an abuse of process against Urquhart, and permanently stayed against the other applicants, as the matter was a private dispute properly suited for civil courts.