IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c.S.5, AS AMENDED
- and -
IN THE MATTER OF ADRIAN SAMUEL LEEMHUIS, FUTURE
GROWTH GROUP INC., FUTURE GROWTH FUND LIMITED, FUTURE
GROWTH GLOBAL FUND LIMITED, FUTURE GROWTH MARKET NEUTRAL
FUND LIMITED, FUTURE GROWTH WORLD FUND, and ASL DIRECT INC.
ORDER
WHEREAS on April 22, 2008, the Ontario Securities Commission (the “Commission”) issued a Temporary Order pursuant to section 127(5) of the Securities Act R.S.O. 1990, c. S.5, as amended (the “Act”) that all trading in securities of and all trading of securities by Future Growth Group Inc., Future Growth Fund Limited, Future Growth Global Fund Limited, Future Growth Market Neutral Fund Limited, and Future Growth World Fund shall cease, that all trading of securities by Adrian Leemhuis shall cease and that any exemptions contained in Ontario securities law do not apply to the Respondents;
AND WHEREAS on April 22, 2008, the Commission ordered that the Temporary Order dated April 22, 2008 shall expire on the 15th day after its making unless extended by order of the Commission;
AND WHEREAS on May 1, 2008, the Commission issued a Temporary Order pursuant to section 127(5) of the Act that all trading in securities by ASL Direct Inc. shall cease and that any exemptions contained in Ontario securities law do not apply to ASL;
AND WHEREAS on May 1, 2008, the Commission ordered that the Temporary Order dated May 1, 2008 shall expire on the 15th day after its making unless extended by the Commission;
AND WHEREAS on May 2, 2008, the Commission issued an Amended Notice of Hearing to consider the extension of the Temporary Order dated April 22, 2008, and the Temporary Order dated May 1, 2008 to be held on May 6, 2008 at 2:30 p.m.;
AND WHEREAS on May 6, 2008 the Commission held a hearing and counsel for Staff and counsel for the Respondents attended before the Commission and confirmed there was no objection to adjourning until May 16, 2008, and the Commission ordered that pursuant to section 127(8) that the Temporary Order dated April 22, 2008 be extended to May 16, 2008, that the Temporary Order dated May 1, 2008 be extended to May 16, 2008 and that the hearing to consider the extension of these orders be adjourned to May 16, 2008;
AND WHEREAS Staff of the Commission confirm that they may submit requests for the Commission to make orders pursuant to s. 144 of the Act, on consent, to vary the Temporary Orders dated April 22, 2008 and May 1, 2008 to permit ASL Direct Inc. and Mr. Leemhuis to carry out unsolicited trades on behalf of clients of ASL Direct Inc.;
AND WHEREAS the Commission held a hearing on May 16, 2008 and counsel for Staff and counsel for the Respondents attended before the Commission;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order:
IT IS HEREBY ORDERED that pursuant to section 127(8) that the Temporary Order dated April 22, 2008, extended on May 6, 2008, is further extended to May 26, 2008;
IT IS FURTHER ORDERED that the Temporary Order dated May 1, 2008, extended on May 6, 2008, is further extended to May 26, 2008; and
IT IS FURTHER ORDERED that the hearing to consider the extension of the Temporary Order dated April 22, 2008 and the Temporary Order dated May 1, 2008 is adjourned to May 26, 2008 at 10:00 a.m.
DATED at Toronto this 16th day of May, 2008.
" Wendell S. Wigle "
Wendell S. Wigle, Q.C. |
" Margot C. Howard "
Margot C. Howard |
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