News Release
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Ontario Securities
Commission
20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
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Commission des valeurs mobilières de l'Ontario
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FOR IMMEDIATE RELEASE
May 2, 2008 |
OSC Issues Temporary Cease Trade Order Against ASL Direct Inc.
TORONTO – On May 1, 2008, the Ontario Securities Commission (OSC) issued a Temporary Cease Trade Order against ASL Direct Inc. (ASL). ASL is registered with the Commission as a Mutual Fund Dealer and a Limited Market Dealer, and is a member of the Mutual Fund Dealers Association of Canada (MFDA).
Staff of the Commission are investigating the conduct of ASL and are concerned that it may have participated in the distribution of securities in the Future Growth Group of Funds without a prospectus and without an exemption to the requirement for a prospectus. In addition, ASL may have failed to comply with its obligations as a registrant contrary to Ontario securities law.
On April 22, 2008, the OSC also issued a Temporary Cease Trade Order respecting the principal of ASL, Adrian Leemhuis (Leemhuis), and the Future Growth Group of Funds. The orders were obtained in the course of investigations conducted by staff of the OSC, the Autorité des marchés financiers (Québec) and the MFDA.
Clients of ASL who may have questions concerning their investments through ASL should direct their enquiries to the MFDA at 1-888-466-6332.
Copies of the Temporary Cease Trade Order dated May 1, 2008 respecting ASL and the Temporary Cease Trade Order respecting Leemhuis are available on the OSC's website (www.osc.gov.on.ca).
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| For Media Inquiries: |
Wendy Dey
Director, Communications & Public Affairs
416-593-8120
Laurie Gillett
Manager, Public Affairs
416-595-8913
Carolyn Shaw-Rimmington
Assistant Manager, Public Affairs
416-593-2361
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| For Investor Inquiries: |
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
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