Optam Holdings, et al (Re), 2017 ONSEC 4
Ontario Securities Commission Commission des valeurs mobilières de l’Ontario
22nd Floor 20 Queen Street West Toronto ON M5H 3S8
22e étage 20, rue Queen Ouest Toronto ON M5H 3S8
Citation: Optam Holdings, et al (Re), 2017 ONSEC 4 Date: 2017-02-28
IN THE MATTER OF THE SECURITIES ACT, RSO 1990, c S.5
- AND -
IN THE MATTER OF OPTAM HOLDINGS INC., INFINIVEST MORTGAGE INVESTMENT CORPORATION and WADE ROBERT CLOSSON
REASONS AND DECISION
(Subsections 127(1) and 127(10) of the Securities Act)
Hearing: In writing Decision: February 28, 2017 Panel: Monica Kowal – Vice-Chair
Appearances: Malinda Alvaro Evan Rankin, Student-at-Law – For Staff of the Commission
– No one appearing for the Respondents
TABLE OF CONTENTS
I.......... STAFF’S REQUEST II........ PROCEDURE III....... ASC PROCEEDINGS IV....... ANALYSIS V......... DECISION
REASONS AND DECISION
I. STAFF’S REQUEST
1In this written hearing, Staff of the Ontario Securities Commission seeks an enforcement order pursuant to subsection 127(1) of the Securities Act, RSO 1990, c S.5 (the “Act”), imposing sanctions and restrictions on the Respondents: Optam Holdings Inc. (“Optam”), Infinivest Mortgage Investment Corporation (“Infinivest”) and Wade Robert Closson (“Closson”). Closson is an officer and director of Optam and Infinivest, which are both Alberta corporations.
2The Alberta Securities Commission (the “ASC”) made orders imposing sanctions, conditions and restrictions on the Respondents. Accordingly, Staff relies on paragraph 4 of the inter-jurisdictional enforcement provision found in subsection 127(10) of the Act.
3The Commission conducted a written hearing to consider Staff’s request. These are the reasons granting Staff’s requested order, which will be issued separately.
II. PROCEDURE
4On October 18, 2016, Staff of the Commission filed a Statement of Allegations against the Respondents. On October 19, 2016, the Commission issued a Notice of Hearing in respect of that Statement of Allegations. The Commission set November 16, 2016 for a hearing of Staff’s application to continue this proceeding in writing.
5On November 16, 2016, the Respondents did not appear although properly served with the Statement of Allegations and Notice of Hearing. Staff made submissions and applied to continue by way of written hearing. The Commission issued an Order granting Staff’s request and setting a timetable. Staff’s materials were required to be served and filed no later than November 28, 2016. The Respondents were allowed until January 16, 2017 to serve and file responding materials.
6Staff’s materials were served and filed in accordance with the ordered schedule. None of the Respondents served or filed responding materials although they were properly served with the Commission’s Order and with Staff’s materials.
7Subsection 7(2) of the Statutory Powers Procedure Act, RSO 1990, c S.22 and Rule 7.1 of the Ontario Securities Commission Rules of Procedure (2014), 37 OSCB 4168 permit the Commission to proceed in the absence of a party where that party has received notice of a written hearing and fails to act or participate. I am therefore authorized to proceed with this written hearing in the absence of the Respondents.
III. ASC PROCEEDINGS
8On November 2, 2015, the Respondents entered into a Statement of Admissions with the ASC (the “Admissions”) with respect to allegations made in a Notice of