Gregory William MacKenzie

The Court dismissed the appeal and held that Ontario’s permit-suspension enforcement mechanism is constitutionally inoperative to the extent it enforces a bankruptcy-provable toll debt discharged under s. 178(2) of the Bankruptcy and Insolvency Act, because it creates an operational conflict and frustrates Parliament’s financial rehabilitation purpose.

The Ontario Securities Commission approved a settlement agreement regarding Terrence William Marlow and his companies, which were in bankruptcy and receivership following the loss of investor funds.

The Commission noted that Marlow, a former chartered accountant, had lost everything and was on welfare.

Although no monetary penalty was imposed due to the ongoing receivership and limited recovery for investors, the Commission ordered permanent cease trade and director/officer bans against Marlow, finding the sanctions reasonable and in the public interest.

The Ontario Securities Commission held a settlement hearing regarding Zephyr Alternative Power Inc.'s issuance of convertible debentures.

Zephyr relied on the accredited investor exemption but failed to ensure that all investors met the criteria, as some subscription agreements lacked completed certification schedules.

Additionally, Zephyr failed to ensure that the subscription agreements accurately reflected the 20 percent sales commission paid to limited market dealers, with some agreements incorrectly stating a 10 percent commission.

The Commission approved the settlement agreement, which included a reprimand, the implementation of a compliance program, and an undertaking by Zephyr to offer rescission to affected investors.

The Ontario Securities Commission approved a settlement agreement with a registrant who sold convertible debentures off-book without the knowledge or approval of his sponsoring dealer.

The registrant sold $171,000 worth of debentures and received $28,200 in commissions.

The Commission ordered terms and conditions on his registration, a reprimand, $5,000 in costs, and a settlement payment of $28,200 to be designated for the benefit of investors.

The Ontario Securities Commission held a hearing to consider a settlement agreement between staff and the respondents regarding repeated failures to file annual and interim financial statements and related certificates on time.

The respondents admitted their conduct was contrary to the public interest and Ontario securities laws.

The Commission approved the settlement, ordering the corporate respondents to institute procedural changes and each pay a $5,000 administrative penalty, and reprimanding all respondents, including the individual respondent.

The respondent, a U.S.-based internet securities firm, traded U.S. securities on behalf of Canadian residents without being registered in any Canadian jurisdiction.

The respondent acknowledged the breach, which it claimed was due to a good faith but erroneous belief that its non-solicitation of Canadian residents exempted it from registration.

A joint hearing of multiple provincial securities commissions was held to consider a settlement agreement.

The commissions approved the settlement agreement, which included a payment of $550,000 CAD and an undertaking by the respondent's Canadian affiliate to seek registration, finding the sanctions to be in the public interest and proportionate to the misconduct.

The Ontario Securities Commission held a hearing to consider a settlement agreement between Staff and the respondent regarding allegations of illegal insider trading.

The respondent admitted to receiving undisclosed material information from a close friend who was a managing director at a securities firm, and using that information to trade in the securities of two reporting issuers, realizing a profit of approximately $1.9 million.

The Commission approved the settlement agreement as being in the public interest, noting the respondent's cooperation with Staff, his agreement to a permanent cease trade order and director/officer ban, a voluntary payment of $1.9 million, and $25,000 in costs.

The Ontario College of Teachers held a discipline hearing regarding a member who had been convicted of multiple criminal offences, including indecent assault and gross indecency, against former students.

The member did not attend the hearing but signed an Agreed Statement of Facts and agreed to the revocation of his certificates.

The Discipline Committee found the member guilty of professional misconduct, including physical and sexual abuse of students, and ordered the immediate revocation of his Certificates of Qualification and Registration.