Proceedings

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IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c.S.5, AS AMENDED

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IN THE MATTER OF THOMAS HINKE  

ORDER

    WHEREAS on March 6, 2006, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act (the “Act”) in respect of Thomas Hinke (“Hinke”);

    AND WHEREAS on April 12, 2006, the Commission found, on the basis of an agreed statement of facts, filed, that Hinke breached Ontario securities law and engaged in conduct contrary to the public interest;

    AND WHEREAS Hinke entered into a settlement agreement dated May 1, 2006 (the “Settlement Agreement”), in which Hinke agreed to a proposed settlement on sanctions of this matter, subject to approval of the Commission;

    AND UPON reviewing the Settlement Agreement and upon hearing submissions from counsel for Hinke and from Staff of the Commission;

    AND UPON Hinke agreeing to provide a copy of this Order to any registrant with whom he deals for the next year from the date of this Order;

    AND UPON Hinke agreeing to take a relevant corporate governance course prior to becoming an insider, as defined in the Act, or an officer or director of a reporting issuer;

    AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;

    IT IS HEREBY ORDERED THAT:

1. The Settlement Agreement dated May 1, 2006 is approved;

2. Pursuant to Clause 2 of subsection 127(1) of the Act that trading by Thomas Hinke shall cease:

(i) in the securities of Thermal Energy International Inc. (“TEI”) for a six month period commencing from the date of his last trade in TEI, being February 15, 2006;

(ii) in securities of all other reporting issuers, in which Hinke holds in excess of 5% of any class of securities or for which he is deemed an insider pursuant to the Act, for one year from the date of this Order;

 

3. Pursuant to clause 6 of subsection 127(1) of the Act that Hinke be reprimanded;

4. Pursuant to clause 9 of subsection 127(1) that Hinke pay an administrative penalty of $ 32,000 to be allocated by the Commission to or for the benefit of third parties under s. 3.4(2)(b) of the Act; and

5. Pursuant to section 127.1 of the Act, that Hinke pay $5,000 in costs.

IT IS HEREBY FURTHER ORDERED that a person or company affected by this Order may apply to the Commission for an order revoking or varying the terms of the Order pursuant to s. 144 of the Act.

 

Dated at Toronto, Ontario this 1st day of May, 2006

“Susan Wolburgh Jenah”
Susan Wolburgh Jenah , Vice-Chair
“Suresh Thakrar”
Suresh Thakrar, Commissioner