Capital Markets Tribunal

Tribunal des marchés financiers

22nd Floor 20 Queen Street West Toronto ON M5H 3S8

22e étage 20, rue Queen ouest Toronto ON M5H 3S8

Citation: Feng (Re), 2023 ONCMT 12

Date: 2023-03-15

File No. 2021-27

IN THE MATTER OF

JIUBIN FENG and CIM INTERNATIONAL GROUP INC.

REASONS AND DECISION

(Subsection 127(1) of the Securities Act, RSO 1990, c S.5)

Adjudicators:

Cathy Singer (chair of the panel) Sandra Blake Russell Juriansz

Hearing:

By videoconference, September 14, 15, 16, 19, 20 and 21, 2022; final written submissions received November 8, 2022

Appearances:

Adam Gotfried Rikin Morzaria

For Staff of the Ontario Securities Commission

Rohit Kumar Tina Kaye

For Jiubin Feng and CIM International Group Inc.

TABLE OF CONTENTS

1......... OVERVIEW.. 1

2......... BACKGROUND. 1

3......... Preliminary matter – respondents’ request to adjourn the merits hearing 3

4......... EVIDENCE. 4

4.1 Credibility and reliability of witnesses 4

5......... ANALYSIS. 6

5.1 Introduction. 6

5.2 Fraud. 7

5.2.1 Actus Reus 7

5.2.2 Mens Rea. 13

5.2.3 Conclusion. 15

5.3 Section 129.2 of the Act 15

5.4 Conduct contrary to the public interest 15

6......... Conclusion. 16

REASONS AND DECISION

1. OVERVIEW

1These are our reasons for finding that the respondents, CIM International Group Inc. (CIM)