Ontario Securities Commission
Ontario Securities Commission
Commission des valeurs mobilières de l’Ontario
P.O. Box 55, 19th Floor 20 Queen Street West Toronto ON M5H 3S8
CP 55, 19e étage 20, rue Queen Ouest Toronto ON M5H 3S8
IN THE MATTER OF THE SECURITIES ACT R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF GLOBAL PETROLEUM STRATEGIES, LLC, PETROLEUM UNLIMITED, LLC AND ROGER A. KIMMEL, JR.
HEARING HELD PURSUANT TO SUBECTIONS 127(1) AND 127(10) of the SECURITIES ACT
HEARING:
Wednesday, September 2, 2009
PANEL:
Patrick J. LeSage, Q.C.
- Chair of the Panel
APPEARANCES:
Emily Cole
- for Staff of the Ontario Securities Commission
ORAL RULING AND REASONS
The following text has been prepared for the purpose of publication in the Ontario Securities Commission Bulletin and is based on excerpts of the transcript of the hearing. The excerpts have been edited and supplemented and the text has been approved by the Chair of the Panel for the purpose of providing a public record of the decision.
Chair:
1This is a hearing before the Ontario Securities Commission (the "Commission") on September 2, 2009 pursuant to subsections 127(1) and 127(10) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act"), to consider whether it is in the public interest to make an order imposing sanctions against Global Petroleum Strategies, LLC, Petroleum Unlimited, LLC and Roger A. Kimmel, Jr.
2Staff of the Commission rely upon subsection 127(10) of the Act, which states that:
Without limiting the generality of subsections (1) and (5), an order may be made under subsection (1) or (5) in respect of a person or company if any of the following circumstances exist:
The person or company is subject to an order made by a securities regulatory authority in any jurisdiction imposing sanctions, conditions, restrictions or requirements on the person or company.
The person or company has agreed with a securities regulatory authority in any jurisdiction to be made subject to sanctions, conditions, restrictions or requirements.
3I am satisfied that notice of this hearing has been served on Global Petroleum Strategies LLC.
4I am satisfied on the material that is before me that it is appropriate and in the public interest that the order be granted as sought: having regard to the order and the decision of the Alberta Securities Commission; having regard to the Saskatchewan, Manitoba and New Brunswick orders; having regard to the consent that is filed on behalf of Petroleum Unlimited and Roger Kimmel Jr.; and on all of the background information.
5And that order is:
pursuant to paragraph 2 of subsection 127(1) of the Act, Petroleum Unlimited LLC and Roger A. Kimmel Jr. cease trading in or purchasing securities for a period of seven years;
pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Petroleum Unlimited LLC and Roger A. Kimmel Jr. for a period of seven years;
pursuant to paragraph 2 of subsection 127(1) of the Act, Global Petroleum Strategies LLC cease trading in or purchasing securities permanently; and
pursuant to paragraph 3 of subsection 127(1) of the Act, any of the exemptions contained in Ontario securities law do not apply to Global Petroleum Strategies LLC permanently.
6Those are the four items that I so order.
Approved by the Chair of the Panel on September 15, 2009.
"Patrick J. LeSage"
Patrick J. LeSage, Q.C.