Proceedings

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

- AND -

IN THE MATTER OF
LAND BANC OF CANADA INC., LBC MIDLAND I CORPORATION, FRESNO
SECURITIES INC., RICHARD JASON DOLAN, MARCO LORENTI, AND STEPHEN
ZEFF FREEDMAN


ORDER
SECTION 126 and 127


WHEREAS on the 23rd day of April, 2007, the Ontario Securities Commission (the "Commission") ordered, pursuant to clause 2 of subsection 127(1) and subsection 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") that all trading by Land Banc of Canada (“LBC”), LBC Midland I Corporation (“Midland”), Fresno Securities Inc. (“Fresno”), Richard Jason Dolan (“Dolan”), Marco Lorenti (“Lorenti”) and Stephen Zeff Freedman (“Freedman”), (the "Respondents”), in any securities of Midland or any other corporation controlled by LBC, Dolan or Lorenti shall cease (the "Temporary Order");

AND WHEREAS the Commission further ordered as part of the Temporary Order that pursuant to clause 3 of subsection 127(1) and subsection 127(5) of the Act that any exemptions contained in Ontario securities law do not apply to the Respondents;

AND WHEREAS on the 23rd day of April, 2007, the Commission issued a Direction under s.126(1) of the Act to the Bank of Montreal branch at 2851 John St., in Markham, Ontario (the “BMO Markham Branch”) to retain all funds, securities or property on deposit in the name of or otherwise under control of Midland at the BMO Markham Branch (the “Direction”);

AND WHEREAS on the 30th of April, 2007 the Direction was continued on consent at the Superior Court of Justice (the “Court”) until further notice of the Court but without prejudice to Midland to apply to the Commission to vary the Direction under s.126(7);

AND WHEREAS on May 1, 2007, the Commission issued a Notice of Hearing and Statement of Allegations in this matter;

AND WHEREAS on May 8, 2007, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until May 17, 2007;

AND WHEREAS on May 10, 2007, the Commission continued the Temporary Order against Fresno and Freedman with certain exceptions until the date of the Hearing of this matter or until further order of the Commission;

AND WHEREAS on May 17, 2007, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until June 29, 2007;

AND WHEREAS on June 29, 2007, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until August 7, 2007;

AND WHEREAS on August 7, 2007, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until September 19, 2007;

AND WHEREAS on September 18, 2007, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until October 24, 2007;

AND WHEREAS on October 24, 2007, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until December 3, 2007;

AND WHEREAS on December 3, 2007, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until February 14, 2008;

AND WHEREAS on December 3, 2007, after further consideration amongst the parties, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until February 15, 2008;

AND WHEREAS on February 15, 2008, the Commission continued the Temporary Order against LBC, Midland, Dolan and Lorenti with certain amendments respecting Dolan and Lorenti until April 1, 2008;

AND WHEREAS on April 1, 2008, a hearing was held and the Commission was advised that Staff of the Commission were not seeking an extension of the Temporary Order against LBC, Midland, Dolan and Lorenti;

AND WHEREAS pursuant to subsection 127(8) of the Act, satisfactory information has been provided to the Commission regarding LBC, Midland, Dolan and Lorenti;

AND WHEREAS upon submissions from counsel for Staff of the Commission and from counsel for LBC, Midland, Dolan and Lorenti;

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

IT IS ORDERED THAT
  1. the Temporary Order is not extended as against LBC, Midland, Dolan and Lorenti;
  2. the Direction is continued until April 30, 2008 subject to payments approved by Staff in writing; and
  3. this Order shall not affect the right of LBC, Midland, Dolan and Lorenti to apply to the Commission to clarify or revoke the Direction prior to April 30, 2008 upon three days notice to Staff of the Commission.
Dated at Toronto this 1st day of April, 2008.

" Patrick J. LeSage "
Patrick J. LeSage
" Margot C. Howard "
Margot C. Howard